Restaurant building sells for $2.6 million

A building in Lake Elsinore that’s home to a Chili’s Bar & Grill has been sold for $2.6 million.

Built in 2005 and renovated last year, the 6,300-square-foot structure is part of Lake Elsinore Marketplace, a shopping center at 29273 Central Ave., according to a statement.

Hanley Investment Group represented the seller, Irvine-based Pacific Castle Management Inc., which owns and manages retail properties.  KW Commercial in Brea represented the buyer, a private investor in Orange County whose name was not released.

The sale is noteworthy because few sit-down restaurants in the Inland Empire have changed hands during COVID-19. The most recent, a Buffalo Wild Wings in Chino Hills, sold last April.

“The buyer recognized the long-term strength of the tenant at this location, including an early lease extension that was executed after the initial stages of the pandemic,” said Kevin Fryman, a vice president with Hanley Investments and a member of the negotiating team, in the statement.

Dallas-based Chili’s is an original tenant at the 15-year-old shopping center, which is near Interstate 15 and State Route 74. It’s anchored by Costco, Lowe’s, Grocery Outlet, PetSmart, and Dollar Tree, according to the statement.