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10/04/16
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In a recent retail sales comp from the Inland Empire, a Chino Hills-based private investor paid $2.23 mil for an 8k sf ($279/sf), fully-leased mixed-use building in Chino. The two-story retail/office property, located at 4774 Riverside Dr, is part of Yorba/Riverside Plaza and is situated directly across from a busy Stater Bros neighborhood center.
Built in 1991, the attractive and well-maintained property is occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants providing home healthcare and hospice services. Yorba/Riverside Plaza is also home to Doublz Burgers, a 76 gas station and a fully leased retail shop building.
The well-established center is just minutes from the 60 freeway and located at the signalized intersection of Riverside Dr, a major east-west thoroughfare, and Yorba Ave. The center also benefits from strong demographics with a population of over 400,000 people with an average household income of more than $77,000 within a five-mile radius.
Frank Vora with Progressive Real Estate Partners represented the seller, a private investor based in Orange County. Leo Gao of Reno Business Investment Group in Chino repped the buyer.
“Due to the building’s excellent location and 100% occupancy the listing attracted multiple qualified offers. The demand for well-priced multi-tenant properties continues to be strong in SoCal’s Inland Empire and we expect it to stay that way for the foreseeable future,” noted Vora, Senior Vice President at Progressive Real Estate Partners. He added “the building was also offered ‘free and clear’ of any debt giving investors the opportunity to take advantage of record low interest rates and favorable loan terms.”
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