IE Business Daily Business news for the Inland Empire.
A property in Hemet occupied by Harbor Freight Tools has been sold for $2.2 million.
The 20,500-square-foot store at 1735 W. Florida Ave. sits on a 1.1-acre site and was renovated two years ago, according to Avison Young, a commercial real estate firm based in Toronto.
The company’s Los Angeles office represented the seller, an LLP whose name was not released. The buyer was a private investor who also wished to remain anonymous.
Harbor Freight Tools has 11 years remaining on it lease of the property, which is in a retail center within a large commercial corridor of Hemet.
“This property offers the new ownership an opportunity to have a stable asset in the coveted California retail market,” said Chris Maling, principal with Avison Young, in a statement. “Our team secured a number of offers on this asset, as investors are increasingly seeking out passive commercial real estate investments.”
Based in Calabasas, Harbor Freight Tools operates more than 1,500 stores throughout the United States, according to the company’s website.
