IE Business Daily Business news for the Inland Empire.
A retail property in Lake Elsinore that is occupied by a Pollo Campero restaurant has been sold for $2.9 million.
The 1.1-acre site at 29160 Central Ave. was sold by Evergreen Devco. Inc., which specializes in retail, multifamily and industrial real estate development, according to Hanley Investment Group in Corona Del Mar.
Hanley investment represented Evergreen Devco, the property’s developer, in the sale negotiations.
The buyer, a San Bernardino private investor who declined to be identified, was represented by Progressive Real Estate Partners in Rancho Cucamonga.
The property has a 15-year ground lease attached to it, with 10 percent rent increases every five years. It’s near a 7-Eleven and the future sites of a Stater Bros., Dutch Bros. Coffee and Super Star Car Wash.
An estimated 127,000 vehicles pass by the site on a typical day, according Hanley.
