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California  + Inland Empire  + Retail  | 

Grocery-Anchored Center Trades for $29M

Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center in Corona, CA, has sold for $28.6 million. Built in 1991, Sierra Del Oro Towne Centre is located on 11 acres at 2621-2721 Green River Road.

Hanley Investment Group’s Pat Kent, Ed Hanley and Corey Olson represented the seller, Irvine, CA-based Cornerstone Development Partners. The buyer was Cincinnati-based Phillips Edison & Company, which was self-represented.

“The market for grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange buyers,” said Hanley. “So far, this year, we have seen an increase in the supply as sellers recognize that this is an ideal time to sell.”

The 94%-occupied shopping center boasts a strong historical tenant and anchor base, including 88% of current tenancy in place for more than five years and 70% for over 10 years.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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