California + Inland Empire + Retail | January 8, 2019

Multi-Tenant Fontana Retail Asset Trades in 1031 Exchange

Newport Beach, CA-based Pacific Development Group sold a 9,000-square-foot multi-tenant pad building in Fontana, CA for $3.9 million. The property is located adjacent to the Interstate-15 freeway on/off-ramp at Baseline Avenue.

The 1031 exchange buyer, an unnamed private investor from Northern California, was represented by GD Commercial Real Estate, Inc.’s Allen Dieu. Hanley Investment Group’s Eric Wohl and Andrew Cunningham represented the seller.

Built in 2002 on 0.53 acres, the 100%-occupied, six-tenant building features tenants Rosa Maria’s Mexican Restaurant, a hair and beauty salon, nail salon, barber shop, and a convenience/liquor store. According to Wohl, 73% of the tenants have occupied the property for more than 15 years, and all tenants have between 3% to 10% annual rent increases providing an ideal hedge against inflation. The tenants also have staggered lease expirations, which minimizes the property owner’s exposure to tenant turnover.

Connect Retail West is coming up on Jan. 22nd at The Resort at Pelican Hill. Here’s where to get more information and register to join us.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.