NAI Capital Completes $6.85M Shopping Center Investment Sale in Chino, CA
Ontario, CA, December 18, 2018– Senior Vice Presidents Mario Alvarez and Marc Piron with NAI Capital’s Ontario office completed the sale of Chino Promenade 3, a 41,431 SF retail community shopping center in Chino, California. Mario and Marc represented the seller and buyer in the Transaction. The total sale price was $6.85 million or $165 per square foot.
The property is located at 5536-5546 Philadelphia Street in a prominent retail corridor within the West Inland Empire. The sale of Chino Promenade 3 included two single-story retail buildings; a 24,742 square foot movie theatre leased to corporate tenant Cinemark USA and a multitenant building totalling 16,689 square feet anchored by Shakey’s Pizza along with five other tenants. Chino Promenade 3 sits on a 3.41 acres, in a central location, at the northeast corner of Central Avenue and Philadelphia Street. 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 said, “Chino Promenade 3 is in a very desirable location, which received multiple offers. This is a great opportunity for the buyer and the seller is very happy with the sale,”
“This is a great investment. Well-located retail centers will continue to outperform the rest of the market,” added Marc.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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