SRS announces nearly $14 million sale of Ramona Plaza in Hemet
HEMET, Calif., — SRS Real Estate Partners’ National Net Lease Group (NNLG) recently announced it had completed the $13.95 million sale of Ramona Plaza, a 102,546-square-foot retail center located at the northeast corner of E. Florida Avenue and San Jacinto Street in Hemet. Constructed on 6.41 acres in 1974, Ramona Plaza was 88% occupied at the close of escrow, with well-known anchor tenants including Grocery Outlet, Planet Fitness, and Dollar Tree – all of which recently extended their leases. Other current tenants include national brands such as Aaron’s, Leslie’s Poolmart, Subway, and Little Caesars Pizza.
Priced well below replacement cost of $137 per square foot and featuring upside potential through lease-up of the vacancies and bringing some tenants up to market rents, the property was particularly attractive to the buyer, a California-based private investor who was represented by The Visintainer Group. SRS NNLG’s Winston Guest, Matthew Mousavi and Patrick Luther represented the seller, a Southern California-based investor.
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“We generated over a dozen offers on this asset which is testimony that multi-tenant retail investment property in Southern California continues to garner strong interest,” said Guest, adding, “Investors were attracted to the well-positioned corner location of this grocery-anchored shopping center with a quality tenant line-up that offered essential service and e-commerce resistant business.”
Featuring well-known anchor tenants including Grocery Outlet, Planet Fitness, and Dollar Tree, as well as other tenants including national brands such as Aaron’s, Leslie’s Poolmart, Subway, and Little Caesars Pizza, Ramona Plaza recently sold for $13.95 million. SRS NNLG photo
“Inland empire markets like Hemet are receiving renewed interest, most notably driven in part by substantial growth in the industrial and manufacturing markets in these areas, drawing investment toward the retail sector as well. Being a value-add grocery anchored center in SoCal, Ramona Plaza offered a rare investment opportunity,” added Mousavi.
Located at a heavily trafficked intersection with more than 57,000 vehicles passing by daily, Ramona Plaza benefits from excellent visibility and access, with significant frontage along E. Florida Avenue, the primary retail corridor for Hemet. Additionally, approximately 170,000 residents and more than 29,000 employees live and work within a five-mile radius of the property.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with nearly 200 properties sold year-to-date in 2022.
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Trevor Montgomery, 51, moved in 2017 to the Intermountain area of Shasta County from Riverside County and operates Riverside County News Source (RCNS) and Shasta County News Source (SCNS). Both are stringer organizations, providing breaking news coverage and community interest stories for other mainstream media organizations throughout the two regions they serve.
Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers Valley News, Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; the Bonsall/Fallbrook Village News in San Diego County; and Mountain Echo in Shasta County. He is also a regular contributor to Thin Blue Line TV and Law Enforcement News Network and has had his stories featured on news stations throughout the Southern California and North State regions.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 30 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 18 grandchildren.