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Rich Development Trades Newly Built Shopping Center
Hanley Investment Group Real Estate Advisors recently arranged the sale of Apple Valley Towne Center, a newly built 87,042-square-foot regional shopping center located at 19390 Bear Valley Rd. in Apple Valley. The center is 100% occupied by three national junior box tenants, Hobby Lobby, Marshalls and Five Below, and is shadow anchored by Stater Bros. Markets, Lowe’s Home Improvement and Walgreens.
EVPs Kevin Fryman and Bill Asher, along with SVP Sean Cox, represented the seller and developer, Rich Development Enterprises of San Pedro. The buyer and purchase price were not disclosed.
“We listed the property before the tenants opened for business, which gave the center early exposure and generated strong interest from private, mid-market and institutional investors,” said Fryman. “Presenting the assets both individually and as a three-tenant package expanded the buyer pool.”
Completed in 2026, Apple Valley Towne Center features new long-term triple-net leases with scheduled rental increases every five years.
- ◦Sale/Acquisition
