IE Business Daily Business news for the Inland Empire.
A 7.5-acre parcel in Chino zoned for commercial use has been sold for nearly $3 million.
The property, bordered by Eucalyptus and Oak avenues in the College Park Master Planned Community, is the last undeveloped piece in the 710-acre master-planned community, according to a statement.
United Trust Realty Corp. in Chino Hills bought the property from Lennar Homes. Rancho Cucamonga-based Progressive Real Estate Partners represented both parties in the transaction.
Lennar plans to build Village Center, a mixed-use commercial development that will include 15,000 square feet of retail and restaurants, a day care center and a church, on the parcel. The project will serve adjacent communities, the Chaffey College satellite campus next door and Ruben S. Ayala Park, which attracts about half a million visitors every year.
United Trust has met with Chino and Chaffey College to review development plans, and the company expects to begin requesting permits in the next several months.
College Park Master Planned Community has approximately 2,500 residential units. It includes single-family and multi-family residences, a clubhouse, fitness center, picnic areas and trails, according to the statement.
