Monday , 24 October 2016

Adelanto Shopping Center Sells for $3 Million

Victorville, Calif. – Coldwell Banker Commercial, the High Desert’s leading commercial real estate firm, listed and sold a 26,865 SF Adelanto retail shopping center in less than 60 days.cbclogo-highest2

Weaver Plaza, located at 11965 Cactus Road, in Adelanto, was listed in February and recently closed escrow for just under $3 million. The multi-tenant retail shopping center built in 2008, is visible from Highway 395 with tenants including Molina Health Center, Bingo Facility and various retail stores.

Cactus Plaza, another similar size shopping center just broke ground directly to the East of Weaver Plaza and will include a Chevron, the new fast food franchise Steak’n Shake, and facilities for St. Mary/ St. Joseph medical.

According to Mehdi Mostaedi, Land Specialist at Coldwell Banker Commercial and listing agent for the property, commercial real estate activity in general is picking up. “This particular property sold to a foreign investor looking for income property in the U.S. It was purchased as a long-term hold. This is a significant trend right now. The entire world is looking for income property in the U.S.” Mostaedi cited as of end of last year, foreign direct investments in the U.S. totaled $3.1 trillion, the highest on record.

Mostaedi sees the trend toward investors willing to buy and hold as a positive sign for the local region. “It shows the confidence level of investors in our market, that within a foreseeable future, we should be experiencing growth.”

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