IRVINE, CA—The Shops at Indian Hill has been sold by Red Mountain Retail Group for $14 million, at a 7.61 percent capitalization rate. The buyer was an unnamed Los Angeles-based private investor.
The El Super-anchored shopping center is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. in Pomona, Calif. Having been remodeled in 2008, the property is 100 occupied with tenants such as ACE Cash Express, Adriana’s Insurance, AT&T, Baskin Robbins, Liberty Tax, and Mattress Xpress.
Carlos J. Lopez and Kevin T. Fryman of Hanley Investment Group Real Estate Advisors represented the seller, while colleague Edward B. Hanley worked on behalf of the buyer. This sale is the sixth Southern California grocery-anchored shopping center that Hanley Investment Group has sold over the previous six months.
“We have recognized strong investor demand for all of our recent sales, which have spanned multiple grocer categories, including the mixed-use Ralphs in downtown Los Angeles, ethnic El Super anchored center, specialty Sprouts anchored center, and traditional anchors of Vons, Pavilions and Stater Bros,” Fryman said.