Hanley Investment Group Arranges $4.6 Million Sale of AutoZone-Dollar Tree Retail Center in Victorville
Hanley Investment Group has arranged the $4.6 million sale of a two-tenant retail investment property occupied by AutoZone and Dollar Tree at a Stater Bros.-anchored shopping center in Victorville, California, the firm announced July 20.
Hanley Investment Group Executive Vice Presidents Bill Asher and Kevin Fryman represented the seller, a private investor based in Los Angeles. The buyer was described as a highly experienced institutional investor.
Property and Lease Details
The 19,300-square-foot building sits on a 1.90-acre parcel at 13720 Bear Valley Road in Victorville. Formerly occupied by Rite Aid and renovated in 2024, the property was reconfigured to accommodate two national tenants — AutoZone and Dollar Tree — each on new 10-year triple-net leases. The sale implies a price of approximately $238 per square foot. The property was fully occupied at the time of sale.
"We generated multiple qualified offers and secured a highly experienced institutional buyer," said Asher. "Demand for essential-retail assets remains strong, particularly for well-located buildings with long-term leases and national credit tenants. This property offered a rare combination of investment-grade tenancy, new 10-year leases, and adjacency to one of the top-performing Stater Bros. locations in the chain."
AutoZone (NYSE: AZO) operates more than 7,700 stores across the United States, Mexico, and Brazil. Dollar Tree (NASDAQ: DLTR) operates over 9,200 stores in the U.S. and Canada. Both tenants carry investment-grade credit ratings and are considered recession-resistant given their focus on non-discretionary, value-oriented retail.
Location and Trade Area
The property is positioned within a Stater Bros.-anchored center that records 1.3 million annual visits and ranks in the top 9% of the chain, per Placer.ai data. The signalized intersection of Bear Valley Road and Amethyst Road carries 59,000 vehicles per day.
The broader Victor Valley trade area encompasses more than 195,000 residents within five miles. The surrounding retail corridor includes Walmart Supercenter, Home Depot, Lowe, Kohl's, Hobby Lobby, The Michaels Organization, Best Buy, dd's Discounts, Ross Dress for Less, Grocery Outlet, PetSmart, Planet Fitness, Sprouts Farmers Market, and El Super. Additional demand generators in the immediate area include Victor Valley College, The Mall of Victor Valley — which draws 4.5 million annual visitors — and Desert Valley Hospital, a 148-bed acute care facility.
Market Context
"This sale reflects the continued investor appetite for daily-needs retail in high-growth Inland Empire markets," said Fryman. "Victorville's strong population growth, expanding logistics employment base, and limited new retail construction continue to support stable occupancy and long-term tenant performance."
The transaction reflects a broader trend in retail real estate of repositioning vacated pharmacy and single-tenant boxes into multi-tenant configurations occupied by daily-needs, discount, and auto-parts retailers. The former Rite Aid footprint at this location was subdivided and renovated in 2024 to accommodate two national tenants, converting a vacant single-occupant space into a fully stabilized, income-producing asset ahead of the sale.
The Inland Empire has been one of the nation's most active logistics and warehouse markets, a dynamic that has supported population growth and sustained demand for convenience and value-oriented retail in communities such as Victorville. Limited new retail construction in the submarket has contributed to stable occupancy at existing centers.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory firm specializing in the sale of retail properties, with a transaction track record exceeding $12.9 billion. The firm focuses on grocery-anchored, anchored, multi-tenant, and single-tenant retail properties nationwide.
Sources: Hanley Investment Group press release, July 20, 2026