NewMark Merrill Sells Rialto Village Shopping Center to Langdon Street Capital
NewMark Merrill Companies has sold the fully leased, Sprouts-anchored Rialto Village shopping center to long-time partner Langdon Street Capital, highlighting the property's resilience and strategic value in the growing Inland Empire market.
Calabasas-based retail owner and developer NewMark Merrill Companies, Inc. announced the sale of Rialto Village, a newly constructed, 92,000-square-foot grocery-anchored shopping center in the rapidly growing Inland Empire city of Rialto, California, to Langdon Street Capital. The transaction represents a significant real estate deal in Southern California's retail market, particularly notable given the property's 100% leasing achievement during the COVID-19 pandemic.
Strategically located just north of the I-10 Freeway at the corner of Riverside Avenue and San Bernardino Boulevard, Rialto Village is anchored by Sprouts Farmers Market and features a diverse tenant mix including Burlington, Ulta Beauty, Five Below, In-N-Out, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractic, Ahipoki Bowl, Arrowhead Credit Union, Taquería 2 Potrillos, and Mattress Firm. The center benefits from exceptional visibility, direct freeway access, and a robust trade area of more than 220,000 residents, supported by a strong daytime employment base.
Adam Daneshgar, President of Langdon Street Capital, expressed strong conviction in the Rialto submarket, stating the property embodies the kind of community-driven retail destination that thrives in today's environment. The acquisition from NewMark Merrill Companies represents a continuation of the firms' long-term relationship and shared commitment to high-performing retail properties.
NewMark Merrill, which developed and constructed the center and executed the original business plan, will continue to manage the property on behalf of the buyer. Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies, noted that Rialto Village marks the second successful shopping center the company has developed in the City of Rialto, delivered under budget and fully leased during the height of COVID-19.
The transaction was facilitated by Reza Etedali, Ramez Barsoum, and Aaron Bettencourt of REZA Investment Group, with Chris Renard of Commercial Realty Consultants, Inc. arranging the financing. Sigal emphasized the decades-long partnership with REZA Investment Group, describing them as trusted advisors who have helped execute transformative projects for more than 35 years.
The sale underscores the resilience of well-located, grocery-anchored retail centers in growing markets like the Inland Empire, where population growth and strategic freeway access continue to drive retail investment. For more information about NewMark Merrill Companies, visit www.NewMarkMerrill.com, and for details about Langdon Street Capital, visit www.LangdonStreetCap.com.