A Los Angeles developer will build a retail project on 1.2 acres it has purchased in Moreno Valley.
Seagrove Property Group paid $1,050,000 for the parcel at 23125 Sunnymead Blvd. near the 60 Freeway, according to Progressive Real Estate Partners in Rancho Cucamonga, which negotiated the transaction.
Information about the seller was not disclosed. Plans for the retail project, including a groundbreaking date and construction timeline, have not been released.
The site, bordered by Sunnymead Boulevard and Frederick Street, is across from a Travel Inn Hotel and La Quinta Inn & Suites. Nearby retailers include Burlington, Big 5, Superior Grocers, Family Dollar, Office Depot, Ross and TJ Maxx.
More than 22,000 vehicles pass by the site on a typical day.
Since 1997, Seagrove Property Group has completed more than 100 commercial projects in California, ranging from 4,000 square feet to 400,000 square feet, according to the company’s website.