Newmark Facilitates $54.3 Million Sale of New Haven Marketplace in Ontario, California

March 20, 2023 9:00 AM

Newmark[1] announces it has completed the $54.3 million sale of New Haven Marketplace, a newly constructed, grocery-anchored shopping center located in Ontario, California.

Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the buyer, Sakioka Farms. The seller was Frontier Real Estate Investments, represented by SRS Real Estate Partners.

“New Haven Marketplace represented a unique opportunity to acquire a newly developed, top-performing grocery-anchored center with category-leading tenancy and highly attractive in-place financing in the largest master-planned community in Southern California,” said Rudy. “We are forever grateful to our loyal repeat buyer, Sakioka Farms, and congratulate Frontier Real Estate Investments and their entire team for their diligent work in finalizing this transaction.”

New Haven Marketplace is a 95,020-square-foot shopping community anchored by top-performing grocer, Stater Bros. Situated on 10.06 acres, the property is 100% occupied to diverse tenant mix including Chase Bank, Carl’s Jr., Pacific Dental and Starbucks. Completed in 2021, the property features modern architecture and design, as well as eight separate parcels.

Located at SWC Ontario Ranch Road and Haven Avenue, New Haven Marketplace is at the epicenter of the master-planned Ontario Ranch community, which will span over 8,000 acres and comprise over 47,000 homes upon completion in 2040. Currently, there are 12,000 units planned or under development within a one-mile radius of the property.

According to Newmark Research, retail was the only sector to see an annual increase in U.S. investment sales year-over-year with gateway markets leading the retail rankings, particularly LA Metro. Investment sales across all property sectors declined 15% year-over-year at the end of 2022, while retail sales increased by 4% to $85.7 billion, the highest annual total since 2018.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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