IE Business Daily Business news for the Inland Empire.
A multi-tenant retail building in Ontario that is part of a retail project anchored by a Walmart Supercenter has been sold.
The property, which covers 6,786 square feet, sold for $5.9 million to a private investor in Irvine whose name was not disclosed, according to a statement released today by Hanley Investment Group Real Estate Advisors in Corona Del Mar.
The seller was Pacific Development Group in Newport Beach, one of California’s leading shopping center developers.
Hanley Investment represented Pacific Development in the negotiations. The price works out to $880 per square foot, believed to be the most ever paid in California for a multi-tenant facility within a Walmart-anchored project, according to the statement.
The building, at 1337 N. Mountain Ave., sits on one acre. Its tenants include T-Mobile, Yogurtland, Waba Grill and Wells Fargo, and it was fully occupied when the sale was completed, according to the statement.
