Woodland Hills-based Adler Realty Investments has sold a retail property in Fontana for $4.95 million.
The property, a newly constructed building, went to an undisclosed private investor in Sun Valley.
Adler Realty Chief Executive Michael Adler said the sale was one of many recent transactions in and out of state for his company during the pandemic. The impact of the coronavirus and the lockdowns has not been substantial on the 1,000 properties owned and managed by his company, he told the Business Journal. The major trouble spot in terms of rent collection has been from tenants at a Chicago retail property populated by salons and a gym.
Rents overall have been down only about 4 percent companywide, he said, while industrial properties have been surprisingly fruitful for the company.
For the Fontana transaction, Hanley Investment Group Real Estate Advisors broker Matt Burnett represented the Sun Valley buyer. Hanley Investment agents Kevin Fryman, Bill Asher and Jeff Lefko represented Adler on the deal.
The 7,500-square-foot property currently has three tenants: Pacific Dental Services, Arrowhead Credit Union and MJ Nail & Spa.
The property is located adjacent to Highland Village Shopping Center, which was completed last year as a 30,000-square-foot retail destination that includes Sprouts Farmers Market, Jersey Mike’s, Jack in the Box and other restaurants, plus an automotive facility.