IE Business Daily Business news for the Inland Empire.
A retail property in Riverside that is home to a Jack in the Box restaurant and a Verizon cell phone tower has been sold.
The site, at 1115 W. La Cadena Drive near Interstate 215 and Columbia Avenue, sold for $2.3 million, according to a statement released Monday by Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment represented the seller, Greens Capital Ventures LLC, an affiliate of Green GroupI Inc. in Irvine. The buyer, a private investor from Los Angeles whose name was not released, was represented by Packo Investments Inc. in Los Angeles.
Built last year, the 1,870-square-foot restaurant sits on one-half acre and includes a cell tower, which Hanley Investment officials said made the property more difficult to sell. The restaurant is operated by Feast Enterprises, the second-largest Jack in the Box franchisees in the country, with 225 locations.
Feast Enterprise has a 20-year lease on the building, which is also near the 60 Freeway, according to the statement.
