A Rancho Cucamonga building occupied by Dollar Tree has been sold for $4.8 million in an all-cash transaction.
The structure at 9008 Foothill Blvd. is part of a retail center anchored by Chuze Fitness that is passed by an estimated 47,600 vehicles on a typical day, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive marketed the property and represented the seller, Red Mountain Group, a retail developer and operator in Santa Ana. The buyer was a San Gabriel Valley-based developer whose name was not released.
“The buyer was attracted to the excellent Rancho Cucamonga location, corporate-backed Dollar Tree lease, and the lease structure, which offers minimal management responsibilities,” said Lance Mordachini, an investment sales advisor with Progressive, in a statement.
Dollar Tree, which opened in the single-tenant building in August, has a 10-year lease on the property. Nearby retailers include Albertsons, CVS, In-N-Out Burger, Wendy’s, Panda Express and Flame Broiler.
Dollar Tree, Inc. is a publicly traded Fortune 200 company based in Chesapeake, Va. It operates under the Dollar Tree and Family Dollar brand names has more than 16,000 stores, and had sales of $28.3 billion in 2022, according to the statement.