IE Business Daily Business news for the Inland Empire.
A 64,000-square-foot retail center in Ontario has been sold.
The property, at 404-426 N. Euclid Ave., covers nearly an entire city block in downtown Ontario, according to Progressive Real Estate Partners in Rancho Cucamonga, which represented both parties in the transaction.
A New York-based private investor sold the property to the city of Ontario for $3.2 million cash, according to a statement on Progressive Real Estate’s website.
The center, which has a vacancy rate of more than 60 percent, was built in the 1960s. It’s anchored by Secoya Market, an independent neighborhood grocer, Papa John’s Pizza and a Wells Fargo ATM.
The property is one block from Ontario Town Square and is within walking distance of Ontario City Hall and Ontario Public Library. An estimate 190,000 residents live within a three-mile radius of the project.
Ontario plans to “reposition” the center and bring it more in line with today’s retail environment, according to the statement.
