MARKET TRENDS | INLAND EMPIRE RETAIL 1ST QUARTER VACANCY | UNEMPLOYMENT | RENTAL RATE | CONSTRUCTION DELIVERIES 2020
TOP SALE TRANSACTIONS FOR 1Q 2020
Property Submarket Square Feet Sale Price Price/SF Buyer Seller 6100-6350 Van Buren Blvd. Riverside 107,547 $20,087,296 $186.78 Cadence Capital Investments LLC MAS Realty, LLC 13346 Limonite Ave. Corona/Eastvale 30,560 $15,023,842 $491.62 John Maxey Evergreen Development Co. 12455 Victoria Gardens Ln. Airport Area 31,405 $13,750,000 $437.83 Navin Patel Fit Development LP 4721-4741 E. Palm Canyon Dr. Coachella Valley 65,326 $11,582,909 $177.31 Pacific Castle, Inc. Don & KK Chikasawa Trust 14528 Palmdale Rd. Mojave River Valley 46,218 $9,840,000 $212.90 Poppy Millington Englehardt Pacific Development Group
TOP LEASE TRANSACTIONS FOR 1Q 2020
Property Submarket Square Feet Transaction Date Landlord Tenant
Moreno Valley Plaza Moreno Valley/Perris 26,641 January 2020 Super Center Concepts, Inc. Undisclosed
4400-4470 Ontario Mills Pkwy. Airport Area 24,000 February 2020 Zelman Development Co. Grocery Outlet 24907-24941 Sunnymead Blvd. Moreno Valley/Perris 12,529 March 2020 Kin Properties, Inc. Undisclosed Freeway Plaza Moreno Valley/Perris 10,970 January 2020 LeFever Mattson Vive Banquet Hall 5600-5750 Van Buren Blvd. Riverside 8,000 January 2020 AT&T Wireless Furniture Outlet
TOP UNDER CONSTRUCTION
Property Address Submarket Square Feet Owner Delivery Date Northgate Crossing SWC Indio Blvd. & Burr St. Coachella Valley 354,900 Chandi Group USA, Inc. October 2020 San Gorgonio Village 1625 E. 2nd St. Beaumont/Hemet 134,583 G&G Beaumont Inc. June 2020 The Marketplace @ Calimesa Cherry Valley Blvd. & Desert Lawn Dr. Beaumont/Hemet 123,254 Lewis Commercial June 2020 Montclair Place AMC 5200 S. Montclair Plaza Ln. Upland/Montclair 110,690 CIM Group LP April 2020 McCall Square McCall Blvd. South Riverside 71,100 Heritage Square Menifee LLC December 2021
Market Breakdown 1Q 2020 4Q 2019 1Q 2019 Annual % Change New Construction 153,441 142,198 307,828 -50.15% Under Construction 1,346,684 1,391,995 1,867,280 -27.88% Vacancy Rate 7.4% 6.9% 7.0% 5.71% Average Asking Rents $19.68 $19.56 $18.84 4.46% Average Sales Price/SF $230.28 $223.20 $217.61 5.82% Cap Rates 6.40% 6.70% 6.90% -7.25% Net Absorption (914,935) 4,239 673,235 N/A
1Q 2020 | INLAND EMPIRE | RETAIL | KIDDER MATHEWS NEW RETAIL CONSTRUCTION & ABSORPTION AVERAGE ASKING RENT/SF & VACANCY RATE
2.5M $20 10%
2M $19 9% 1.5M
1M $18 8%
500K $17 7%
0
$16 6% -500K
-1M $15 5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
New Construction (SF) Absorption (SF) Asking Rent/SF Vacancy Rate
SALE VOLUME & LEASE VOLUME AVERAGE SALES PRICE/SF & CAP RATES
12M $250 10%
10M $200 9%
8M
$150 8% 6M
$100 7% 4M
$50 6% 2M
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Sold (SF) Leased (SF) Sale Price/SF Cap Rate
Kidder Mathews is the largest, independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, property management, consulting, project and construction management, and debt equity finance services for all property types.
The information in this report COMMERCIAL BROKERAGE was composed by the Kidder Mathews Research Group. ANNUAL NO. OF 27M SALES SF 440+ BROKERS JOHN CHA Director of Research ANNUAL ANNUAL 206.248.7338 $9.6B TRANSACTION 42M LEASING SF [email protected] VOLUME
ROBERT G. THORNBURGH, SIOR, CCIM, CPM VALUATION ADVISORY Regional President, Brokerage Southern California APPRAISALS TOTAL NO. 909.764.6500 1,680+ ANNUALLY 38/23 APPRAISERS/MAI’S [email protected] LIC N° 01324961 PROPERTY MANAGEMENT
MANAGEMENT IN ASSETS UNDER PORTFOLIO SF MANAGEMENT KIDDER.COM 70M+ $12B+
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.
DATA SOURCE: COSTAR 1Q 2020 | INLAND EMPIRE | RETAIL | KIDDER MATHEWS