IE Business Daily Business news for the Inland Empire.
A neighborhood retail center next to Riverside Plaza that recently underwent a major renovation has been sold.
The property, at 3739-3747 Central Ave., changed hands for a little more than $4 million, Faris Lee Investments announced Thursday.
Red Mountain Retail Group in Santa Ana, which revives underperforming shopping malls sold the property to a private investor in Los Angeles whose name was not released.
The 5,231-square-foot facility was 100 percent pre-leased when the renovation was completed. Tenants include Jamba Juice, Jimmy John’s and Tokyo Joe’s.
Faris Lee, which represented Red Mountain Retail, marketed the property based on its strong tenants, long-term leases, and its location in an affluent, densely populated area, said Donald MacLellan, senior managing partner with Faris Lee, in a statement.
Nearly 285,000 residents and 110,000 day workers are located within a five-mile radius of the property, according to the statement.
