Apple Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of Apple Valley Towne Center, an 87,042-square-foot regional shopping center located in San Bernardino County. Kevin Fryman, Bill Asher and Sean Cox of Hanley Investment Group represented the seller and developer, San Pedro, California-based Rich Development Enterprises, in the transaction. The buyer and sales price were not disclosed.
Completed earlier this year on a 7.9-acre site at 19390 Bear Valley Road, Apple Valley Towne Center was fully leased at the time of sale to three national junior box tenants: Hobby Lobby, Marshalls and Five Below. The tenants operate under 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.