CBRE Facilitates $12.23 Million Sale of Parkridge Plaza Retail Pads in Corona

CBRE arranged the sale of three single-tenant retail properties totaling 8,843 square feet at Parkridge Plaza in Corona, Calif., for a combined total of $12.23 million. The three assets sold include Raising Cane's at 840 North Main Street, as well as Habit Burger & Grill and Roll-Em-Up Taquitos, located at 860 and 870 North Main Street. All three properties have long-term net leases in place.

CBRE's David McNevin, Ian Schroeder and Melissa Ley Marshall represented the seller, Newport Beach-based development company Costanzo Investments, in the transaction. The buyers were private 1031 exchange investors, with the Raising Cane's buyer represented by Surmount, a New York-based brokerage. 

"Navigating the market over the past 18 months required a deep understanding of evolving capital dynamics," said McNevin. "The seller began this development during a period of historically low interest rates and compressed cap rates. The subsequent increase of 300 basis points in debt costs and a rising cap rate environment created a challenging landscape, yet we were able to secure competitive offers and strong pricing for our client." 

"Our ability to achieve aggressive exit cap rates, particularly for Raising Cane's and Habit Burger & Grill, is a testament to the desirability of these Southern California-based properties and our team's expertise in a competitive net-lease market," added McNevin. 

Developed in 2022, Parkridge Plaza is situated in Riverside County. The plaza comprises four recently constructed retail pads, including the three properties sold by CBRE, as well as a Quick Quack Car Wash.