Centrepointe Plaza in Colton Sells for $22M

COLTON, CALIF. — Centrepointe – JMYL PL has acquired Centrepointe Plaza, located at 1040 S. Mt. Vernon Ave. in Colton, for $22 million. Constructed in 1992, the center features 109,000 square feet of retail space. NorthStar Realty Finance, in conjunction with Wilemon & Associates and JB Resources, provided financing for the acquisition.

Mario Alvarez of NAI Capital and Jack Lee of JMYL LP development represented the buyer, while Jamie Harrison of Lee & Associates represented the seller, Chicago-based Centrepointe Plaza, in the deal. The buyer purchased the property as a value-add opportunity.