Rich Development Enterprises has sold Apple Valley Towne Center, a newly built, 87,042-square-foot shopping center in Apple Valley, California. The property was fully occupied by three national retailers and benefited from nearby major retailers serving as shadow anchors. Hanley Investment Group arranged the transaction; the buyer and sale price were not disclosed.
Key takeaways
The sale follows a marketing effort that began before the center’s tenants opened. The property’s full occupancy, long-term leases and mix of national retailers helped position it for a broad range of prospective buyers.
- The center is located at 19390 Bear Valley Road in Apple Valley.
- Hobby Lobby, Marshalls and Five Below occupy the property.
- Stater Bros. Markets, Lowe’s Home Improvement and Walgreens are nearby shadow anchors.
- The buyer and purchase price were not announced.
A newly built center with national tenants
Apple Valley Towne Center spans 87,042 square feet and was completed in 2026. Its three tenants are national junior-box retailers, and the center was reported as 100% occupied. The nearby shadow anchors add to the surrounding retail mix, though they are not identified as tenants in the center.
Marketing began before store openings
Hanley Investment Group represented seller and developer Rich Development Enterprises, based in San Pedro. Executive vice presidents Kevin Fryman and Bill Asher and senior vice president Sean Cox handled the assignment.
Fryman said the property was brought to market before its tenants began operating, giving it early exposure to potential purchasers. The marketing approach presented the assets both separately and together as a three-tenant package, which the firm said broadened the pool of interested buyers across private, mid-market and institutional groups.
Long-term lease structure
The center’s leases are new, long-term triple-net agreements, with scheduled rent increases every five years. Under a triple-net lease, tenants generally pay property expenses in addition to rent, although the source did not provide further details on the specific lease terms.
The transaction’s financial terms, including the sale price, were not disclosed. The announcement also did not identify the buyer.