JLL closes $13.75M sale of Rancho Cucamonga retail center
The 80%-occupied property fronts the Victoria Gardens lifestyle center and presents an immediate repositioning opportunity
NEWPORT BEACH, Calif., March 19, 2020 – JLL Capital Markets announced today that it has closed the $13.75 million sale of Shops to Victoria Gardens, a 31,405-square-foot retail strip center adjacent to the Victoria Gardens lifestyle center in the Inland Empire community of Rancho Cucamonga, California.
Constructed in 2007, Shops to Victoria Gardens is leased to a diverse mix of service-oriented, daily needs and soft-goods tenants, including DXL Men’s Apparel, Pacific Dental, Shakey’s Pizza, among others. Situated on 2.65 acres at 12455 Victoria Gardens Lane, the center is at the signalized entrance to the 175-acre Victoria Gardens, which is one of the most dominant lifestyle centers in Southern California and welcomes more than 16 million visitors a year.
The JLL Retail Capital Markets team representing the seller was led by Director Daniel Tyner and Managing Director Gleb Lvovich.
“During our marketing process, we were able to successfully navigate through market turmoil in addition to overcoming an in-place tenant’s bankruptcy,” Tyner said. “The irreplaceable location outside of Victoria Gardens, along with the immediate value-add opportunity, proved to be highly attractive to the investor market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fit Development
Fit Development is a real estate investment firm specializing in the acquisition, development and management of properties including retail shopping centers, office building, multi-family, industrial and retail pad sites. The firm own, manage and lease a diversified portfolio of commercial, office, industrial and multifamily assets throughout the U.S.