250 Mountain Ave, Upland, CA 91786

Property Details for 250 Mountain Ave

Year built

1989

Lot size

22.53 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

Mountain Square, a 273,149 square foot shopping center in Upland, California, presents a compelling investment opportunity. This 92% occupied center boasts a strong NOI of $3,765,053 and features a dominant Home Depot anchor, consistently ranking in the 88th percentile nationally for customer visits. The Home Depot recently exercised a 5-year lease option (2023), demonstrating the strength of this key tenant. Other anchors include Hobby Lobby, BevMo, and Staples, all with recent lease renewals. The property offers significant value-add potential with approximately 23,100 square feet of vacant space, including an 18,000 square foot junior anchor suite, ripe for lease-up. Built in 1989 on a 22.53-acre lot, Mountain Square benefits from prominent freeway frontage along Interstate 10, providing exceptional visibility and access. The property's tenant base is comprised of approximately 96% national and regional tenants, contributing to a strong and stable income stream. The property's location in the affluent Inland Empire community of Upland, CA, further enhances its investment appeal. Multiple investment and exit strategies are available due to the separate legal parcels for Home Depot and Hobby Lobby, as well as three multi-tenant pad/outparcel buildings featuring national tenants such as AT&T, America's Best Contacts & Eyeglasses, Bright Now! Dental, Ace Cash Express, Honey Baked Ham, and Ono Hawaiian BBQ. A projected 3.6% Compound Annual Growth Rate (CAGR) over ten years further underscores the property's long-term growth potential. The acquisition cost per square foot is significantly below replacement cost, making this a highly attractive investment.

Location Insight

City

Upland

County

San Bernardino

State

California

Longitude

-117.669

Latitude

34.0915