Ten buildings at One Eleven La Quinta Center have sold for $35 million to Milan Capital Management in Anaheim, according to SRS Real Estate Partners’ Investment Properties Group.
The retail center built in La Quinta between 1993 and 2007 sits on 12.95 acres at Washington St at Route 111.
SRS Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, a Coachella Valley-based family. The buyer represented itself.
Tenants in the center that were part of the property sale include Ross Stores, Staples, Petco, Big 5 Sporting Goods, among others. The center is “shadow” anchored by tenants that include Stater Bros, Hobby Lobby and Kohl’s.
“… The seller was ready to pass the baton to a great Southern California operator. This transaction had its challenges and many moving pieces, fortunately, all outside of the high-quality real estate that was purchased,” Redfield said.
2 mobile home communities sell for $40 million
Sun Communities has bought two mobile home parks in the Inland Empire for a combined $40 million, according to data provider Vizzda.
The two communities, one in Sun City in Menifee and the other in Banning, have a combined 381 lots.
Bel Air Estates at 27150 Shadel Road in Sun City is the larger of the two properties, sitting on nearly 22 acres. Sunrise Estates, built in 1972 at 2200 W. Wilson St. in Banning, sits on 20 acres.
The sellers were two LLCs held by the Fleming family.
Another Inland apartment complex sells
Veranda Ontario, an apartment complex in Ontario, has sold for $27 million.
The 142-unit complex in 119,650 square feet has nine two-story buildings built in 1990 on 8.78 acres.
The buyer was Interwest Capital Corp., according to Vizzda.
In recent weeks, a number of apartment communities have fetched top dollar from investors.
A week ago we learned the 272-unit Camino Real Apartments in Rancho Cucamonga had traded owners for $123 million or $425,205 per unit.
In early June, Waterton Residential paid $310 million for the 736-unit Terracina apartment complex, now called Citrine Hills. Other recent deals included the Foothill Ridge Apartment Homes complex, a sprawling, 29-building complex in Upland, which sold on June 14 for $82 million. Also in Ontario and just 3.5 miles west of Citrine Hills, the ReNew Mills apartment complex also sold in June for $45.6 million, according to CBRE.
Riverside warehouse sells for $100 million
Greenlaw Partners in Irvine has bought a 5-year-old industrial warehouse in Riverside for $100 million.
The sales documents, provided by the commercial real estate data company Vizzda, show Greenlaw bought the 121,390-square-foot building on 6 acres at 7350 San Gorgonio Drive on June 23.
Aviation conference opens at convention center
Ontario Convention Center is hosting the 2022 SMART Airports & Regions Conference.
The three-day conference opens July 18, focusing on topics ranging from how aviation can open new economic opportunities in a post-pandemic world to the role of airports as incubators for innovation in urban development and regional connectivity.
“Ontario and the Inland Empire are an ideal location for this global gathering. We have one of the fastest-growing airports in the world, in the heart of one of the most robust population and economic centers in the U.S.,” said Alan D. Wapner, president of the Ontario International Airport Authority and mayor pro tem in Ontario.
A complete agenda is available at smart-airports.com/sar/program.
Nominate a top workplace
The ninth annual Top Workplaces program has extended the nomination period for Inland Empire companies and organizations.
The deadline to nominate is now Aug. 5.
Last year, the Inland News Group’s program invited 1,306 companies to take the survey to determine who would make the list of Top Workplaces. In all, 50 companies or organizations took part and 33 winners were honored.
Here’s a look at who and how you can nominate local companies and organizations …
- Any organization with 35 or more employees in Riverside and San Bernardino counties, as well as Los Angeles County’s eastern San Gabriel Valley/Pomona Valley (including the communities of La Verne, Claremont, San Dimas, Pomona and Diamond Bar) is eligible to participate.
- Companies and organizations can be public, private, nonprofit or government.
- Workplaces will be evaluated by their employees in a short 24-question survey.
- Companies will be surveyed June through August.
- Nomination deadline: June 24
- Publication of winners: January 2023
- To nominate online, go to pe.com/nominate
- Call in a nomination at 951-934-0462
Grants
Enterprise Holdings, through the Enterprise Holdings Foundation, is awarding its ROAD Forward grants for the second consecutive year to nearly 700 local nonprofit organizations, including several in Southern California.
Local recipients included National Coalition 100 Black Men of the Inland Empire – $43,200; Big Brothers Big Sisters of Inland Empire – $45,600; National Coalition 100 Black Women, Orange County Chapter – $45,600.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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