China-Based Investor Buys Retail in Colton, CA
Evergreen Devco has sold the newly constructed asset for $8.9 million. The sale closed with market-leading pricing for the Colton submarket, at a 5.5 percent cap rate.
By Evelyn Jozsa
Smart & Final Extra
Matthews Real Estate Investment Services has completed the sale of Smart & Final Extra, a newly constructed 27,800-square-foot retail facility in Colton, Calif. The asset traded for $8.9 million or approximately $320 per square foot. The sale closed with market-leading pricing for the Colton submarket, at a 5.5 percent cap rate. Evergeen Devco Inc. sold Smart & Final Extra to a developer based in Shanghai, China. The sale marks the buyer’s first commercial investment in the US.
Located at 1023 N. Mt. Vernon Ave. the facility is near the intersection of interstates 10 and 215. The area is surrounded by apartment communities and is within five minutes of the San Bernardino Valley College.
The seller, Evergreen Devco Inc., navigated both the entitlement and construction process of the development which led to a strong relationship with the tenant as well as to the strong results and high price point Matthews achieved. “We were pleased to be able to work with Matthews and collaborate on a challenging, international sale transaction. Together we made a great team,” said Doug Leventhal, Evergreen’s COO, in prepared remarks.
In December, Matthews brokered the sale of an approximately 20,000-square-foot, La-Z-Boy Furniture retail property in Yorba Linda, Calif.
Image courtesy of Google street view
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