IE Business Daily Business news for the Inland Empire.
Three restaurants in Riverside have been sold for $4.2 million.
The fast-food establishments, all next door to each other, were sold in separate transactions, according to Progressive Real Estate Partners in Rancho Cucamonga, which brokered both deals.
Plant Power, at 3940 University Ave., covers 2,250 square feet and sold for $2.07 million, or $920 per square foot. Plant Power is a plant-based fast-food chain that is reportedly one of the fastest-growing establishments in that sector.
Richie’s Hot Chicken and Carlo’s Tijuana Tacos, 3980 University Ave., sold for $2.15 million, or $614 per square foot. Both establishments, which combined cover 3,500 square feet, are owned and operated by the same person.
Progressive represented the seller, a private investor in Los Angeles whose name was not released. Information regarding buyer was not disclosed.
About 35,000 vehicles pass by both sites on a typical day, according to Progressive.
