IE Business Daily Business news for the Inland Empire.
A Chevron station in Highland has been sold for $9.5 million.
The facility, which includes an ExtraMile Convenience Store and Express Car Wash, is at 2798 Greenspot Road near the Highlands Crossing regional shopping center, according to Progressive Real Estate Partners in Rancho Cucamonga.
The property was included in the purchase.
Progressive represented the seller, a San Diego based investor whose name was not released. The buyer was G&M Oil Co., the largest Chevron franchisee in California with more than 200 locations.
Built in 2012, the facility is in a high-growth area with a population of more than 66,000 people. Several developments are planned for the area, including a mixed-use retail and residential project that will include more than 1,000 residential units, a Costco and Stater Bros.-anchored shopping center.
“This transaction shows the high demand for well-located, income-producing gas station and car wash properties in Southern California’s Inland Empire,” said Victor Buendia, senior vice president with Progressive, in a statement. “With its prime spot at Highlands Crossing and proximity to the Foothill freeway, this property is well positioned for future growth.”
