| CREOP

This investment opportunity includes 2 retail buildings, both 100% occupied by long-term tenants such as Seven Eleven, a prominent local Dental practice, and more. The average retail leases end date is 8/5/2025, thus providing the right investor a consistent future return.

1640 2nd St, the office building located at the rear of the property, has many leases signed on a month-to-month basis. The average rents for the building are $1.40/sf, while market rates indicate values in and around $2.00/sf. There is a significant opportunity to overhaul the current rent roll and raise rents.

The property is offered as either a package deal for all parcels, or portions of the property can be sold off individually.

Corona/Eastvale is one of the most affluent submarkets in the Inland Empire. As a result, retail rents are second-highest among local submarkets, at $27.00/SF compared to $24.00/SF in the metro, and vacancies are structurally lower. Activity has picked up among small tenants. Vacancies have risen from 6.2% a year ago to 4.7%. The closing of a 55,000-SF Food 4 Less in Corona and an 18,000-SF Cost Plus World Market in Corona in early 2020 were contributors to this additional vacant space. One of the largest leases signed recently was by Brands 4 Less for 23,670 SF at a site formerly occupied by Office Depot.
Several pockets of the neighborhood have experienced robust population growth over the past 10 years, such as Eastvale and Norco, and as a result, retail development has been more frequent here than in some other parts of the Inland Empire. Grocery-anchored centers were resilient nationally during the pandemic, and the area has had construction of these centers recently. Sprouts opened in October 2020 in a 70,000-SF neighborhood center at the corner of Limonite Avenue and Archibald Avenue. Rexford Industrial developed the project, dubbed The Merge, on a 26-acre site that also includes industrial buildings. It was a unique project for the area because it added both retail and industrial components.
Transaction volume in Corona/Eastvale reached $100 million in three of the past five years.. Local investors account for most transactions, and prices average $300/SF.

Located directly along the 15 Freeway with over 155,000+ (2020 est) daily travelers at the corner of Second St. and Hamner Ave. Second St. has over 18,000 cars that pass daily while Hamner Ave has over 29,000 vehicles (2018 est).

Customers can enter the Hamner Square when traveling North on Hamner Ave or by traveling either direction on Second St.