Grocery-Anchored Community Shopping Center for Sale in Corona, California

Thursday, March 7, 2019

 

HFF, on behalf of the owner, is marketing a 148,805-square-foot, grocery-anchored shopping center for sale in the affluent, master-planned community of Corona, California. Serving as the community shopping center for the trade area, Corona Hills Marketplace is 98 percent leased to a diverse mix of daily-needs and service-oriented tenants.

Corona Hills Marketplace is situated at 529-591 N. McKinley Street along one of the most well-traveled regions in the Corona Hills submarket. It's McKinley Street location places it among traffic counts exceeding 49,000 vehicles a day in addition to having prominent visibility along the 91 Freeway, which exposes the property to more than 209,000 vehicles per day. The McKinley Street and 91 Freeway Retail node is the dominant retail node for Corona, with Home Depot, Costco, PetSmart, Ross Dress for Less, TJ Maxx, 99 Cents Only, Big 5 Sporting Goods and Jo-Ann Fabrics providing strong cross shopping to the existing tenants at Corona Hills Marketplace.

Retail Investment Highlights Include:

  • Grocery-Anchored Shopping Center with Walmart Shadow Anchor:  Corona Hills Marketplace is anchored by Vons and Walmart (NAP), which provides a recession resistant “daily needs” draw to the property as well as a regional draw with the adjacent Walmart Supercenter.
  • Affluent Population Base with Disposable Income:  Corona Hills is also considered an affluent part of Corona, with more than 23,000 residents and average household incomes exceeding $87,000 within a one-mile radius. With average housing prices at $483,100 versus $610,304 in nearby Orange County, retail sales are positively impacted by the strong disposable income and should continue to drive population growth in this region.
  • Strong Tenant Demand:  Corona Hills Marketplace is 98 percent occupied, and the Corona Hills Retail node consists of more than 740,000 square feet of retail that is approximately 94 percent occupied, demonstrating strong tenant demand for this location and the property. More than 740,000 square feet of retail is at the intersection, and no space less than 2,000 square feet is available for lease, demonstrating the strong shop tenant demand in this market.
  • Secure Income Stream with Nationally Recognized Tenants:  The retail property for sale is 98 percent occupied, providing investors with stable cash flows and a secure investment. Corona Hills Marketplace has approximately 64 percent of the GLA leased to national tenants, including Vons, PetSmart and Autozone.
  • Strong Daytime Population:  Corona Hills Marketplace is located within one of Corona’s main employment centers with a daytime employee count of approximately 55,000 within a three-mile radius. The strong daytime population in the area provides Corona Hills Marketplace with a broadened customer base, increasing tenant sales.

For more information on this retail center for sale or other commercial real estate properties for sale in Southern California, please contact Gleb Lvovich, Bryan Ley or Daniel Tyner  in HFF’s Orange County office. Click here to search our real estate investment sales listings.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Photo:  Patrick Tang of Take Flyt Imaging

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