IE Business Daily Business news for the Inland Empire.
A retail parcel in Chino occupied by a 7-Eleven and a Laredo Taco Company has been sold for $7 million in an all-cash transaction.
The property in the 15600 block of Hellman Avenue is part of The Preserve, a 5,400-acre master-planned community, according to Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment represented the developer and seller, Ledo Capital Group of Los Angeles. The buyer was a Los Angeles-based private investor whose name was not released.
The 1.1‑acre property has 14 years remaining on a 15-year, triple lease. That agreement mandates 10 percent rental increases every five years, and four additional five‑year renewal options with similar increases.
More than 90,000 people live within a three‑mile radius off the property, with an average household income of $175,000, according to Hanley.
