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July 22, 2019
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RETAIL NEWS
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Chino CVS Pharmacy Acquired for $7.6 Mil

1/03/19

A 13k sf retail property leased by CVS Pharmacy in Chino sold for $7.6 mil, or $584/sf. The property was acquired by a local 1031-exchange investor.

The building is located at 12101 Central Ave, at a signalized corner off Central Ave -- a main 60 Fwy exit in the city of Chino -- with a traffic count of more than 60,000 cars per day. The CVS location is part of a larger, 24 Fitness-anchored center with a remaining 15-year NNN lease agreement.

Alan Krueger and Vanessa Haddad of CBRE represented the unnamed seller in the transaction. The buyer was repped by Albert Le of Le Investment Group.

The Inland Empire retail sector is one of the hottest emerging markets in Southern California. With the addition of new shopping centers and more development under way, the area is expected to continue its solid growth. Lease rates are also likely to rise gradually with continued demand for space, according to CBRE research.

“Strategically located retail assets that provide internet-resistant uses, including food and fitness, are doing exceptionally well,” said Haddad. “We have coined these retail stars as the Five F’s - fitness, furniture, food, fashion and fun. These categories occupy an important place in brick-and-mortar retail. This center is a great example of that.”





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