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Saturday, December 20, 2014

Want to buy a shopping center? Commercial core of Hermon up for sale

When it comes to shopping in Hermon, the only real option is Monterey Plaza, a sleepy shopping center that anchors the “business district” for Hermon and the adjacent condo community of Monterey Hills. Now that entire 1960s-era  shopping center – where the new Fresco Community Market opened last year – is up for sale at an asking price of $12 million.   The approximately 46,000-square center and its large parking lot occupy an entire block near Via Marisol and Monterey Road  that also includes a Thai restaurant, donut shop, dentists office and other businesses. The LoopNet listing for the center claim that “pride of ownership, design and maintenance creates an inviting atmosphere for customers.”  Is being the king of the Hermon retail scene worth $12 million?  That’s not clear but the listings says tenants last year paid more than $690,000 in rent.



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One comment

  1. There a many factors but a 5.7 cap rate isn’t outrageous. I doubt it will sell for that but could definitely go for 8 digits.

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