IE Business Daily Business news for the Inland Empire.
A 3,700-square-foot retail building in Riverside that has been occupied by a Denny’s restaurant for 50 years has been sold.
The property, at 3530 Madison St., sold for $3.5 million to Yuanqi International in Arcadia, according to Faris Lee Investments in Irvine, which helped negotiate the sale.
Hfc/Prp Madison, LLC, in Newport Beach, was the seller. The transaction was announced in a statement released Wednesday.
The property, which underwent a major renovation last year, is part of Madison Plaza, a retail center at Madison and Garden streets near the 91 Freeway. Tenants include 24 Hour Fitness, Starbucks, Smart & Final, Home Depot, Ross Dress for Less and the Riverside Auto Center.
Denny’s, which has occupied the building since it was built in 1967, recently renewed its lease there for another 20 years. The sale price works out to about $956 per square foot, according to the statement.
