IE Business Daily Business news for the Inland Empire.
A retail building in Moreno Valley has been sold for $2.8 million.
The 13,000-square-foot structure at Towngate Promenade was purchased by a private investor whose name was not released, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the seller, Gateway Property L.C. The buyer plans to convert the building at 12650 Day St. into a Kids Empire, a chain of indoor playgrounds with locations in 10 states, including 11 in California.
Expected to open next year, the Moreno Valley location will be the fourth Kids Empire in the Inland region, according to the company’s website.
Tenants at Towngate Promenade include Aldi, 24 Hour Fitness, Costco, The Habit, Dickey’s Barbeque, Applebees and Mimi’s Cafe.
Towngate Promenade is at the junction of Interstate 215 and the 60 Freeway, next to Moreno Valley Mall. Its tenants include Macys, JC Penney, Harkins Theater and more than 140 specialty retailers and restaurants.
An estimated 225,323 people with an average household income of $70,811 live within a five -mile radius of both retail properties, according to the statement.
