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6/24/16
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Two single-tenant, free-standing retail properties in Moreno Valley traded hands in recent transactions valued at over $6.4 mil. The sales include a 16.7k sf building occupied by Rite Aid, which sold for $5 mil, as well as a 3k sf building ground-leased by KFC, which sold for $1.43 mil.
Built in 1998, the Rite Aid is situated on 1.66 acres at 24991 Alessandro Blvd. Jeff Conover with Faris Lee represented the seller, P & A Development. The buyer, Karaglanov Trust, was repped by Century 21 Golden Realty. The transaction closed at a cap rate of 5.69 percent.
The KFC property is located at 16040 Perris Blvd. It was built in 2008 and is situated on a .73-acre site within Iris Plaza, which is anchored by Walgreens and Fitness 19. Faris Lee’s Conover represented the seller, IPX, in this deal as well. The buyer, llDO Investments, was represented by Coldwell Banker Commercial. The closing cap rate was 5 percent.
The properties have in excess of 160,000 people within a three-mile radius. Located within the Inland Empire, the City of Moreno Valley was recently ranked as one of the fastest growing cities in the nation with a population of 100,000 or more.
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