Corona Cerrito Plaza
Multi-Tenant Drive-Thru End Cap Opportunity | Exceptional Visibilty
Marketing description
Progressive Real Estate Partners is pleased to present the opportunity to acquire a high-exposure, four-tenant retail asset with a drive-thru end cap located directly off Interstate 15 at the Ontario Avenue exit in Corona. The property benefits from visibility to ±166,500 CPD along Interstate 15 and ±44,800 CPD along Ontario Avenue, which functions as a primary east–west arterial for central and south-central Corona residents accessing the freeway. The drive-thru tenant features second-position placement on the freeway pylon sign, while the building itself is one of the most prominent-positioned within the plaza, offering superior visibility and signage exposure along Interstate 15, the freeway on- and off-ramps, and Ontario Avenue. Situated within a highly affluent trade area, average household incomes within a one-mile radius exceed $156,900. The center is surrounded by a dense concentration of national and regional retailers that drive consistent daily traffic and support long-term tenant demand. The tenant mix is service-oriented and internet-resistant, with tenants averaging approximately 13 years of operating history at the property. Tenants operate under triple-net leases with 3% annual rent increases, providing predictable cash flow and built-in inflation protection, while common areas are professionally managed, supporting reduced ownership responsibilities.
Investment highlights
HIGH-EXPOSURE INTERSTATE 15 RETAIL WITH DRIVE-THRU END CAP
High-Exposure Interstate Retail with Drive-Thru End Cap: Four-tenant retail building positioned directly off Interstate 15 (±166,500 CPD) at the E. Ontario Avenue (±44,800 CPD) exit in Corona, offering exceptional visibility and access.
Drive-Thru Restaurant End Cap with 2nd Position on the Freeway Pylon Sign: Highly desirable drive-thru end-cap configuration leased to Sombrero Mexican Restaurant, a 13-unit brand with over 40 years of operating history in Southern California, featuring second-position placement on the freeway pylon sign.
Primary East–West Commuter Corridor to Interstate 15: Ontario Avenue functions as a key east–west arterial for central and south-central Corona, providing direct access to Interstate 15. The corridor serves daily commuter traffic from surrounding residential neighborhoods and has been the focus of city infrastructure and safety improvements, reinforcing its role as a primary route to the freeway.
Strong Retail Synergy & Traffic Drivers: The subject property is positioned within a dense, high-performing retail corridor surrounded by national and regional brands that drive consistent daily traffic and reinforce long-term tenant demand. Nearby retailers include Walmart, Albertsons, LA Fitness, Starbucks, In-N-Out Burger, McDonald’s, Chipotle, Taco Bell, El Pollo Loco, Raising Cane’s, Jack in the Box, Del Taco, KFC, and AutoZone.
Positioned for Premier Visibility and Signage Advantage Within the Plaza: The subject property is one of the most prominent-positioned buildings within the plaza, offering superior visibility and signage exposure along Interstate 15, the freeway on- and off-ramps, and Ontario Avenue, creating a meaningful leasing advantage and enhancing tenant branding and traffic capture.
Affluent Trade Area: The average household income of over $156,900 within a one-mile radius and ±$139,000 in a 5-mile radius.
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TENANCY STABILTY & STRONG INVESTMENT FUNDAMENTALS
Established In-Place Tenancy with Long Operating History: The center is leased to a mix of food and personal service operators, including ON Korean Kitchen, One Touch Beauty, Rejuvenate and Sombrero Mexican Restaurant. Combined, the tenants have an average operating tenure of ±13 years, demonstrating long-term tenant success.
Highly Re-Tenantable Shop Configuration: All suites range from approximately 1,000–3,000 SF, a highly sought-after size range for today’s retail market that accommodates a wide variety of service, food, and medical users and supports efficient backfill of vacancy.
Professionally Managed Common Areas: Common area maintenance (CAM) is overseen by a professional management company, providing reliable day-to-day management, operational consistency, and reduced ownership involvement.
Service-Oriented, Internet-Resistant Tenant Mix: The property is leased to a complementary mix of food and personal service tenants that rely on in-person visits and repeat customers, providing durability through economic cycles and insulation from e-commerce disruption.
NNN Lease Structure with Built-In Inflation Protection: Tenants operate under triple-net leases, minimizing landlord expense exposure and providing predictable cash flow. Leases feature 3% annual rent increases, offering a contractual hedge against inflation and long-term income growth.
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