IE Business Daily Business news for the Inland Empire.
Two free-standing retail properties in Moreno Valley have been sold.
Rite Aid, which occupies a 16,730-square-foot building at 24991 Alessandro Blvd., and KFC, which is in a 2,995-square-foot structure at 16040 Perris Blvd., were sold to separate buyers, according to Faris Lee Investments.
The Rite Aid sold for $5 million. The seller was P&A Development in Illinois the buyer Karaglanov Trust.
The KFC property sold for $1.43 million. Investment Property Exchange Service Inc. was the seller, while the buyer was International Development Opportunities in Switzerland. Faris Lee represented the seller in both transactions, according to the statement, which was released Thursday.
More than 160,000 people live within a three-mile radius of both properties. Moreno Valley is considered one of the fastest-growing cities in the United States with a population of 100,000 or more, according to the statement.
