APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Apple Valley Towne Center, a regional shopping center in San Bernardino County. Kevin Fryman, Bill Asher and Sean Cox of Hanley Investment Group represented the seller and developer, San Pedro, Calif.-based Rich Development Enterprises, in the transaction. The buyer and sales price were not disclosed.
Completed earlier this year o a 7.9-acre site at 19390 Bear Valley Road, Apple Valley Towne Center features 87,042 square feet of retail space that was fully leased at the time of sale to three national junior box tenants: Hobby Lobby, Marshalls and Five Below. The tenants operate under new initial long-term triple-net leases with scheduled rental increases every five years. Additionally, the property is shadow anchored by Stater Bros. Markets, Lowe’s and Walgreens.