Inland Empire Power Center Trades Hand in $49 Million Deal Arranged by HFF
- Feb 08, 2014
An Inland Empire retail property traded hands recently, with Holiday Fenoglio Fowler announcing that it had closed a deal for an asset located in Jurupa Valley. The leading provider of commercial real estate and capital markets services completed the acquisition of the Vernola Marketplace by a joint venture consisting of Rockwood Capital, Equity One, Inc. and Vestar. The JV paid a fee of $49 million for the shopping venue.
Vernola Marketplace is a retail power center at 6205 Pats Ranch Road in Jurupa Valley that offers the new owners a total of 210,963 square feet of space. The asset occupies a 22.2-acre site in an area boasting exposure to around 314,000 cars per day. According to a press statement, the shopping center is located 45 miles away from downtown Los Angeles, 20 miles away from Orange County, and just eight miles away from the LA/Ontario International Airport.
The property’s tenant roster includes names such as Ross Dress for Less, Bed Bath and Beyond, Michael’s, Petco, BevMol, Denny’s, Five Guys Burgers and Fries, and Jamba Juice. The power center currently has a vacancy rate of around 16 percent, a figure that the new owner will look to improve upon. Vernola is anchored by a 172,000-square-foot Lowe’s store that was not part of the transaction.
HFF has now completed approximately $374 million worth of transactions in the retail sector, in the Inland Empire alone. The team of HFF representatives responsible for the acquisition consisted of Managing Director Bryan Ley, Director John Crump and Senior Managing Director Michael Ross.