IE Business Daily Business news for the Inland Empire.
The Chino Spectrum Towne Center has been sold.
Brixmor Property Group, a New York-based real estate investment trust, bought the power center near the 71 Freeway from MetLife Investment Management, according to CBRE.
CBRE represented MetLife in the negotiations. Cost of the transaction was not disclosed.
Opened in 2002, Chino Spectrum Towne Center is at 3801–4097 Grand Ave. and is 95 percent occupied.
It has several national tenants, including H Mart, Kohl’s, Five Below, Best Buy and Nordstrom Rack. There is also a diverse mix of regional and local retailers, service providers and restaurants located there, and it’s near a Walmart Supercenter and a Sam’s Club.
Chino Spectrum Marketplace attracts about 14 million visitors a year, making it one of the Inland Empire’s most popular retail destinations, and has an average lease term of four years, according to CBRE.
