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December 9, 2022
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RETAIL NEWS
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Kalaveras Buys 8.9k sf Inland Empire Restaurant Property

9/26/22

Kalaveras, a SoCal-based Mexican restaurant chain, has purchased a fully equipped restaurant in Moreno Valley for $2.785 mil. The 8.9k sf ($313/sf) building, located at 23060 Alessandro Blvd, was previously home to a Woody’s Restaurant that closed in late 2021.

The fully equipped Moreno Valley restaurant features indoor seating for 200, an outdoor patio that seats 70 and plenty of up-front parking. The restaurant includes a commercial brewing system and super-sized kitchen with upgraded hoods and equipment. The purchase included the building, land, furniture, fixtures and equipment as well as a Type 47 (liquor) license and entertainment permit. Kalaveras will be doing some minor updating to reflect their branding and plans to open before the end of this year.

The restaurant is centrally located in the heart of Moreno Valley at the signalized intersection of Frederick St and Alessandro Blvd, with daily average traffic counts of approximately 39,000 cars. The property is just minutes from the I-215/60 freeways.

Albert Lopez and Greg Bedell with Progressive Real Estate Partners represented the seller, a private Inland Empire based investor. Kalaveras was repped by Allen Kirschbaum with Saddleback Realty.

Kalaveras Mexican Cuisine & Bar currently has 13 Southern California locations with plans for a dozen more including the Moreno Valley site. The rapidly expanding family-owned chain is receiving rave reviews for their unique twist on Mexican dining, creative cocktails and high energy environment with festive music and bright and colorful Day of the Dead-themed décor.

According to Lopez, “The demand for second generation restaurant space has been strong and especially in prime locations like Moreno Valley. This particular property had a lot of features and was immaculate, making it especially desirable generating multiple aggressive offers leading to a sale that closed above the asking price.”




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