APPLE VALLEY – Apple Valley Village, located where Navajo and Highway 18 intersect, is selling for $6.9 million. According to Progressive Real Estate Partners Agent Brad Umansky, the 8.35 acre retail center provides an opportunity to own an entire shopping center that the town government strongly desires to be redeveloped.
Apple Valley Village consists of seven properties all included in the sale. There are currently 16 vacancies and 7 tenants leasing space. Excluding the subject property, the vacancy rate in Apple Valley’s Highway 18 market area is 5.2%.The current owner is not prepared to invest any funds into the asset.
Market Area Information
The Apple Valley market area includes 64,169 people within a 10 minute drive time and an average household income of over $80K per year – the highest income community within the High Desert.
Brightline’s high speed rail system connecting the High Desert to Las Vegas is based in Apple Valley and will allow passengers to be in Las Vegas in 90 minutes. The project is expected to create 10,000 construction jobs and 500 permanent jobs.
Another major economic generator is the 6,600 acre North Apple Valley Industrial Specific Plan which is located just north of the Apple Valley Village. Several Fortune 500 distribution centers, including the 1.5M SF Walmart and 1.35M SF Big Lots have already located in this business park.
With virtually no land for big box industrial development “down the hill”, industrial demand is heading to the High Desert with Covington Group currently constructing 3.4M SF of warehouse space in Hesperia. With the limited amount of large, flat, and easy to entitle land, development within the Specific Plan should be imminent.
For more information about the property contact Brad Umansky at 909-230-4500 Ext. 121.