Corona Cerrito Plaza
Established Retail Portfolio | Thriving I-15 Corridor in the Heart of Corona, CA
Marketing description
CBRE is pleased to exclusively present Corona Cerrito Plaza, a ±42,532 SF neighborhood retail center located at the signalized intersection of E. Ontario Avenue and the I-15 on/off ramps in Corona, California.
Built in 2006, the center spans seven parcels totaling ±255,697 SF (±5.87 acres) and is anchored by a long-term Starbucks NNN lease running through April 2047, with a tenant mix of food, personal services, medical, and daily-needs retail serving one of the Inland Empire's most active freeway-adjacent retail corridors.
The offering is structured to accommodate four distinct acquisition profiles: Building D (±19,033 SF multi-tenant strip), Buildings F+G combined (±16,349 SF multi-tenant), the Starbucks pad (±1,700 SF, NNN through April 2047), and the J4K Preschool pad (±5,450 SF). Each component may be acquired individually or as a portfolio, providing exceptional flexibility for investors of varying scale and strategy.
The center benefits from direct freeway visibility and pylon sign positioning along I-15 at ±166,500 CPD and frontage on E. Ontario Avenue at ±44,800 CPD, the primary east-west commuter arterial for central and south-central Corona. The property is surrounded by a dense concentration of national and regional retailers driving consistent daily traffic, while the on-site Starbucks, one of the highest-volume drive-thru locations in the corridor, anchors the center as a daily destination and reinforces its position as one of the most trafficked retail sites in the market.
Investment highlights
- Long-term Starbucks NNN anchor with 20+ years of remaining term. The 1575 E. Ontario pad is leased to Starbucks Coffee Company on a NNN basis through April 2047 including renewal options, with 12% rent escalations every five years. At $4.81 PSF, Starbucks is the highest-rent tenant in the center and ranks in the top 10% of all Starbucks locations nationally on Placer.ai, validating the site's consumer traffic capture at this specific intersection.
- Established, internet-resistant tenant mix. The center's 20 tenants span food and beverage, personal services, medical and wellness, professional services, and children's education, categories that rely on in-person visits and repeat customers. Anchor-scale tenants include Sushi Loco (5,100 SF), J4K Preschool (5,450 SF), and Rejuvenate Franchise Corporation (2,462 SF), each with multi-year leases in place.
- Dense, high-performing retail corridor. Corona Cerrito Plaza is positioned within a deep concentration of national credit tenants driving consistent daily traffic throughout the corridor. Nearby operators include Walmart Supercenter, Albertsons, LA Fitness, In-N-Out Burger, McDonald's, Chipotle, Taco Bell, El Pollo Loco, Raising Cane's, Jack in the Box, Del Taco, KFC, and AutoZone.
- Affluent and growing trade area. The trade area is supported by a dense, predominantly owner-occupied residential base with strong household incomes and continued growth in adjacent Eastvale. Ontario Avenue serves as the primary daily commuter route to the freeway for thousands of households, generating strong and predictable traffic patterns that favor the food, service, and convenience-oriented uses at the center.
- Modern 2006 construction. Built in 2006, the center offers contemporary construction with a cohesive architectural identity, ample surface parking, and professionally managed common areas maintained through the Corona Cerrito Plaza Owner's Association.
- Freeway-direct visibility and pylon sign positioning. The center sits at the I-15 Ontario Avenue exit with exposure to ±166,500 cars per day on the freeway and ±44,800 cars per day on Ontario Avenue. Multiple tenants hold positions on the freeway pylon sign, creating a meaningful leasing advantage and enhancing tenant branding and traffic capture throughout the center.
- Portfolio or individual flexibility across four components. Four distinct components allow investors to acquire the full center as a portfolio or target a specific building or pad aligned with their investment strategy. This structure broadens the buyer pool and creates competitive tension across multiple investor profiles simultaneously.
- Value-add upside through lease-up and mark-to-market. Two vacant suites totaling 4,569 SF represent approximately 11% of GLA, providing near-term income growth through lease-up at market rates. Staggered in-line lease expirations through 2027–2030 offer rolling opportunities to convert gross leases to NNN and push rents at renewal across Building D and Buildings F+G.
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