Colleen Bennett - Sotheby's International Realty

RETAIL, COMMERCIAL & INDUSTRIAL DIRTT: If You Have $23 Million Lying Around, You Could be the Perfect Buyer for the La Verne Courtyard Real Estate Center

September 9, 2017
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Two spaces are still available in La Verne Village in La Verne.

LA VERNE, California, September 9, 2017 — Here are some first observations about commercial space in La Verne. Despite the folksy Mayberry RFD charm of La Verne’s downtown, rents are usually higher on the Foothill corridor passing through town, at least for Class A space. Merchants like traffic, and there’s more of it on Foothill than on D Street.

Yet prices on the Boulevard vary widely. Gateway Pointe, anchored by Vons (remember, when we had three Vons stores) commands about $2.90 to $3.25 sf.mo. But across the street to the north, at Heritage Plaza (heritage is Realtor speak for really old), you can get leases for as low as $1.50 sf/mo. At least, that’s the list price. Maybe there’s an unpublished price?

Cost Plus Mattress

Nearly every center has a few openings, but they seem to be filling up — not at the pace of a Rancho Cucamonga or Fontana, two commercial hot spots, according to Maggie Gonzalez (with Progressive Real Estate Partners), but they are attracting attention from mom and pops looking to open service-type businesses. Maggie is also excited about a new 23,000 sf new construction project at Foothill and Baseline across from the Mobil station and car wash that will be ready for delivery in the spring. 

D Street Square is for lease.

Asked to describe what she meant by “service” businesses, she ticked off ventures like donut shops, taquerias, salons, boba tea shops, poke shops, dental offices, coffee shops, noodle shops, barber shops, fitness studios and barbershops.

If you’re looking to open a traditional retail store (clothing, gift), you’re living in the wrong century.

Is anyone selling churros or shave ice downtown yet? Here’s your chance.

Maggie Gonzalez, Broker Affiliate, Progressive Partners

Now for some prices:

FOOTHILL CORRIDOR

FOR SALE

La Verne Courtyard

2204-2278 Foothill Blvd.

Sub-type: Neighborhood Center

Anchors: Aldi and Orchard Supply

$23.7 million

Gross Leasable Area: 84,368 sf

Price/sf – $280.91

Built in 2000

Bill Asher, Corona Del Mar, Hanley Investment Group

844.585.7684

 

FOR LEASE

Gateway Pointe

1207-1263 Foothill Blvd.

Sub-type: Speciality Center

3 Spaces Available: 1207/1209, 1263, 1257

Anchors: LA Fitness, Starbucks, IHOP

Gross Leasable Area: 16,496 sf

$2.90-$3.25 sf/mo

Dale Pedroche, Mar Investments

626.281.1128

 

Heritage Plaza

1487-1497 Foothill Blvd.

Sub-type: Strip Center

Anchors: Dollar Tree, Crunch Fitness, Wells Fargo

1 Space: 1493

Gross Leasable Area: 900 sf.

Rental Rate: 1.75 sf/mo.

Built: 1974

Ara Der Sarkissian, Los Angeles

323.874.5100

 

Heritage Plaza

1487-1497

Sub-type: Strip Center

Anchors: Dollar Tree, Crunch Fitness, Wells Fargo, CVS

1 Space: 1431

Gross Leasable Area: 2,000 sf./mo.

Rental Rate: 1.50 sf.

Maggie Gonzalez, Progressive Real Estate Partners

909.230.4500

 

La Verne Town Center

2244-2278 Foothill Blvd.

Sub Type: Retail

Anchor: Target

4 Spaces: B2, A5, 1, 4

Total Space Available: 14,638 sf.

Rental Rates: Negotiable

Buillt: 1977

Mina Elliott, New Hyde Park, NY, Kimco

310.284.6000 x117

 

La Verne Shopping Center

2497 C Foothill Blvd.

Sub-type: Neighborhood

5 Spaces Available: D, E, F, B1, C

Total Space Available: 11,890 sf.

Rental Rates: 1.50 sf./mo.

Gary Mitten, Westhilll Management Co.

310.395.7272

 

La Verne Village

2855 Foothill Blvd.

Type: Retail

2 Spaces Available: A, B103

Total Space Available: 3,880 sf.

Rental Rates: Negotiable

Built: 2013

Fred Encinas, CBRE

909.945.2339

 

1131 Foothill Blvd.

Unit 1145 F

Sub-type: Strip Center

Gross Leasable Area: 1,000 sf

Rental Rate: $2.50 sf/mo.

Maggie Gonzalez, Progressive Real Estate Partners

909.230.4500

 

DOWNTOWN

D Street Square

2079 Bonita Ave.

Sub-type: Restaurant/Office

2 Spaces

Total Space Available: 10,166 sf.

Rental Rates: $2 – $2.40 sf/mo.

Lot size: 34,936 sf

Built: 1965

Tommy Gibson

626.610.1309

 

2701 Third Street – 1 Space

Anchor: Aoki Japanese Restaurant

Sub-type: Street Retail

Gross Leasable Area: 400 sf

Rental Rate: 950/mo.

$2.38 sf/mo

Lot size: 2,860

Julia Choi

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