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12/26/18
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Chino Promenade 3, a 41.4k sf retail community shopping center in Chino, sold for $6.85 mil ($165/sf). The property is located at 5536-5546 Philadelphia St, in a prominent retail corridor within the West Inland Empire.
The sale of Chino Promenade 3 included two single-story retail buildings; a 24.7k sf movie theatre leased to corporate tenant Cinemark USA and a multitenant building totalling 16.7k sf, anchored by Shakey’s Pizza along with five other tenants. Chino Promenade 3 sits on 3.41 acres, in a central location, at the northeast corner of Central Ave and Philadelphia St. It has excellent parking, street visibility and monument signage along Philadelphia Street with transportation access to the 60 Freeway off Central Avenue.
Chino Promenade 3 was 100% leased at the time of sale with Cinemark Movie Theater, Shakey’s Pizza and Wheel House Centers as anchor tenants. The vacancy rate for retail space in the Inland Empire remains low at 6.5%. Chino Promenade 3 has outstanding demographics, within a three-mile radius of the property there are 183,000 people with an average income of more than $71,000.
Mario Alvarez and Marc Piron with NAI Capital’s Ontario office represented the seller and buyer in the transaction. According to Alvarez, the property received multiple offers.
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