In First-Time Sale, Heritage Crossings Finds Buyer

A private 1031-Exchnge investor recently purchased Heritage Crossings for $7.6 million. Heritage Crossings is a fully leased 16,273-square-foot retail center located at 7470 Cherry Ave. in Fontana, CA.

SRS’ John Redfield and Chris Tramontano represented the seller, a Southern California-based development firm. The buyer was represented by Jigar Shah from Century 21 Discovery.

 “This unanchored strip center in a dense infill location of San Bernardino County has had a historically high occupancy rate. This is the first time it has been on the market since it was developed by the seller 13 years ago. The property performed well in 2020 and through 2021, which created strong buyer demand and helped support the underwriting and purchase for the buyer,” said Redfield.

The closing cap rate was 5.6 percent. Built in 2008 and situated on 2.85 acres, the center is occupied by 7-Eleven, Boston Market, Subway and Little’s Caesars Pizza, among others.

“We’ve seen a tremendous increase in demand for well-located multi-tenant strip centers consisting of essential business-based retail tenants like those located within Heritage Crossing,” said Tramontano.  “The new Little Caesars and Boston Market leases recently signed were a testament to the strength of the location and were attractive to the new ownership as they create future stability and customer draw.”