IE Business Daily Business news for the Inland Empire.
A Chevron service station, convenience store, and car wash in Norco have been sold for $11.9 million.
The 2.8-acre development at 996 Mountain Ave. sold for its full asking price in a transaction that included all three structures as well as the property, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the seller, a Los Angeles investor whose name was not released. Meiguo Realty Group Inc. in Chino represented the buyer, also a Los Angeles-based investor who asked not to be identified.
The buyer owns and operates other service stations, according to Progressive.
Built-in 2000, the property was remodeled three years ago. It has 18 fuel stations, an express car wash, and a 22,000-square-foot Extra Mile store.
The project at Hamner and Mountain avenue near Interstate 15 is passed by an estimated 38,000 vehicles on a typical day. Retailers nearby include Winco Foods, Target, Staples, O’Reilly Auto Parts, Starbucks an Baskin Robbins.
A Valvoline franchisee and a window-tinting company rent space in the Extra Mile, adding to the property’s value, according to Progressive.
