IE Business Daily Business news for the Inland Empire.
A 20,600-square-foot neighborhood retail center in Chino has been sold.
Chino Village sold recently for $8.4 million, along with 2.5 acres of open space next door that is ripe for development, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive marketed the property at 4103 Riverside Drive and represented the seller, an Orange County investor whose name was not released.The buyer was a Los Angeles investor who also wished to remain anonymous.
Built in 1984, Chino Village is fully leased. Its tenants, which include Jiffy Lube, Subway and Wienerschnitzel, have an average tenure of 15 years and in some cases pay below-market rents, according to Progressive.
The empty property next door can be developed for multiple uses, including retail, office or residential.
“The excellent Chino location combined with the value-add aspect and the development opportunity to expand the center, made this property attractive to a large pool of buyers,” said Mike Lin, vice president of investment sales and a member of the negotiating team, in a statement.
Chino Village is at Riverside Drive and Pipeline Avenue near the 60 and 71 freeways. More than 33,000 vehicles pass through that intersection on a typical day, according to Progressive.
