IE Business Daily Business news for the Inland Empire.
A retail property in Murrieta occupied by Smart & Final has been sold.
The 2.1 acre parcel at Madison Avenue and Los Alamos Road changed hands for $8.5 million, which was 99 percent of the original asking price, according to Hanley Investment Group Real Estate Advisor.
Hanley investment represented the seller, a private investment group in San Diego whose name was not released. The buyer, Anza Drive Properties LLC in Los Angeles, was represented by Steven Real Estate Services Glendale.
Ten “competitive and qualified” offers were made on the property in the first two weeks it was on the market, said Bill Asher, executive vice president with Hanley Investment and part of the negotiating team.
“It shows the unprecedented demand for essential daily needs single-tenant grocery investments,” Asher said in the statement.
Built in 2003, the Smart & Final building covers 20,750 square feet. About 27,000 vehicles past through the Madison-Los Alamos intersection near Interstate 15 on a typical day, according to the statement.
Smart and final is one of our favorite places to shop. We go in there at least twice a week. Why isn’t anyone saying who bought the property and what they’re going to do with it. This really saddens me. I hope smart and final it’s just moving and staying in the area.
Smart and final is one of our favorite places to shop. We go in there at least twice a week. Why isn’t anyone saying who bought the property and what they’re going to do with it. This really saddens me. I hope smart and final it’s just moving and staying in the area.
I don’t have a previous comment?
The Murrieta store will continue to stay open and operate as it has since 2003. I also shop there. They will be leasing the property from the buyer.