IE Business Daily Business news for the Inland Empire.
Two retail properties in Chino occupied by well-known fast-food chains have been sold for $6.1 million.
The parcels occupied by Carl’s Jr. and Wienerschnitzel at the Country Fair Shopping Center were part of a break-up strategy designed to maximize the value of both of sites, according to SRS Real Estate Partners in Newport Beach.
Buyer and seller were both California investors whose names were not disclosed. SNS represented the seller in the all-cash transaction.
“Breaking up the two assets to sell separately created a larger potential buyer pool, maximizing the ultimate value for each property,” said Matthew Mousavi, managing principal with SRSs national net lease group, in the statement. “We were able to secure two separate all-cash buyers quickly after going to market.”
Wienerschnitzel at 11901 Central Ave., sold for $2.4 million. Carl’s Jr., at 12005 Central Ave. sold for $3.7 million.
Country Fair Shopping Center, 12013 Central covers 168,000 square feet. It’s anchored by Albertsons, PetSmart and Rite Aid.
