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Retail site sells for $7.6 million
A retail property in Chino that is leased by CVS Pharmacy has been sold for $7.6 million.
The 13,000-square foot parcel at 12101 Central Ave. sold to a local investor whose name was not released, according to a statement released by CBRE.
The seller, who also wished to remain anonymous, was represented CBRE. The buyer was represented by Le Investment Group in Rancho Cucamonga.
On a typical day, more than 60,000 vehicles pass by the neighborhood shopping center near Central Avenue, which is anchored by a 24-Hour Fitness.
“This property sold at a record-breaking rate among drug store sales in the Inland Empire in the last two years,” said Alan Krueger, senior vice president with CBRE, in the statement. “This is a safe, income-producing investment that turned out to be a win for both parties involved.”
Krueger and Vanessa Haddad, an associate with CBRE, helped negotiate the transaction.