{"id":1004186815,"date":"2017-08-13T22:30:01","date_gmt":"2017-08-14T06:30:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186815"},"modified":"2022-12-08T23:13:13","modified_gmt":"2022-12-09T07:13:13","slug":"faris-lee-arranges-inland-empire-retail-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faris-lee-arranges-inland-empire-retail-sale\/","title":{"rendered":"Faris Lee Arranges Inland Empire Retail Sale"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004186816\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004186816\" data-attachment-id=\"1004186816\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-arranges-inland-empire-retail-sale\/southridge-plaza-fontana-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg\" data-orig-size=\"1200,927\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Southridge Plaza, Fontana, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Southridge Plaza, Fontana, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg?w=1024\" class=\"wp-image-1004186816 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg\" alt=\"Southridge Plaza, Fontana, Calif.\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg?resize=300,232 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg?resize=768,593 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Southridge-Plaza-Fontana-Calif..jpg?resize=1024,791 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004186816\" class=\"wp-caption-text\">Southridge Plaza, Fontana, Calif.<\/p><\/div>\n<p>Faris Lee Investments has completed the $20.7 million sale of Southridge Plaza, a 119,359-square-foot grocery\/drug-anchored retail center in Fontana, Calif. The company represented both the seller, Fortress Investment Group, and the San Diego-based buyer, Fontana Southridge Partners LP.<\/p>\n<p>Located at 11617 Cherry Ave. on 12.7 acres, the property is the only retail center servicing the prime residential area. Rio Ranch Market is the anchor tenant. The asset\u00a0is nearly fully occupied by a tenants such as Rite Aid, AutoZone, McDonald&#8217;s, Subway, Waba Grill and Cricket Wireless. Southridge Plaza was built in 1991 at the signalized intersection of Cherry Avenue and Live Oak Avenue. The property benefits from\u00a0convenient\u00a0access from\u00a0interstates 10 and 15 and Highway 60.<\/p>\n<h2>Performance in the Market<\/h2>\n<p><em>\u201cRio Ranch Market isn\u2019t a national credit grocery brand; however, with eight stores open currently, it is one of Southern California\u2019s stronger Hispanic supermarket chains. It has been doing extremely well in the local market which has a growing Hispanic demographic,\u201d<\/em>\u00a0Donald MacLellan, senior managing partner at Faris Lee, said in prepared remarks. <em>\u201cBoth Rio Ranch Market and Rite Aid had recently renovated and remodeled their stores adding further value to the quality asset. The buyer, which is a family office, is planning to hold for the long-term as a cash flow play.\u201d<\/em><\/p>\n<p>MacLellan worked with Faris Lee Investments Senior Managing Director Nicholas Coo and Director Joseph Chichester in the transaction. Coo and Chichester also negotiated the sale of Palm Canyon Shopping Center, a 40,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/palm-springs-retail-center-changes-ownership\/\">Palm Springs\u00a0retail asset<\/a>.<\/p>\n<p><em>Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fontana Southridge Partners LP purchased Southridge Plaza, a 119,359-square-foot retail center in Fontana, Calif., anchored by Rio Ranch Market.<\/p>\n","protected":false},"author":960,"featured_media":1004186816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,34027,21783,21742,21749,15],"tags":[37206,35440,34375],"class_list":["post-1004186815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-inland-empire","category-investment","category-latest","category-retail","category-west","tag-donald-maclellan","tag-faris-lee-investments","tag-fortress-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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