A retail center known as Alessandro Plaza has hit the market in Inland Empire’s city of Moreno Valley. According to the CBRE offering brochure, which has the listing, Alessandro Plaza spans a total of 83,598 square feet of gross leasable area on approximately 10 acres of land located at 23750 Alessandro Blvd. The retail property is available for acquisition at an offering price of $15 million, translating to approximately $179 per square foot.
The marketing of the property is led by CBRE’s Senior Vice President Alan Krueger. Public property records show the owner as Alessandro Group, an entity based in Newport Beach.
Alessandro Plaza was originally built in 1991 and has a current occupancy of 93 percent with a diverse tenant mix, encompassing a range of retail and service-oriented businesses. Some of the current tenants include White’s Bikes, R Burgers Drive Thru, Garvey/Allen Visual and Performing Arts Academy and the Chapel of Faith Church of God in Christ among others. More than 55,000 square feet, accounting for almost two thirds of the property, have been leased up or renewed in 2023 and 2024 alone. The weighted average lease term is just over 7.6 years.
The average in-line rents are positioned at $1.19 per square foot, which CBRE believes indicates potential for rental growth. The retail asset’s current cap rate is 7.77 percent and its net operating income is just over $1.16 million per year. Under fee simple ownership, Alessandro Plaza operates on triple net (NNN) leases, ensuring that tenants take on responsibilities for repairs, maintenance and capital expenditures. The offering memorandum states this structure tends to not only streamline operational management for the potential owner, but also stabilizes income streams. Additionally, the property’s parking facility offers approximately 610 stalls for a high influx of visitors.
The retail center is situated along Alessandro Boulevard, which is the region’s primary traffic artery that sees daily traffic counts exceeding 52,500 vehicles. The center’s design incorporates a signalized entrance complemented by multiple ingress and egress points facilitating circulation for both regional commuters and local patrons.
CBRE’s marketing materials also show that Alessandro Plaza is located among dense residential and commercial zones with a vibrant and growing demographic landscape. The population exceeds 21,494 individuals with an average household income of over $77,000 within a one-mile radius of the shopping center. Expanding to a three-mile radius, the populace swells to 146,206 with incomes averaging $88,428, while the figures grow to 251,370 residents with household incomes surpassing $105,671 within five miles of the retail asset.
