December 21, 2018
Chino Promenade 3, a 41,431-square-foot community shopping center in Chino, CA, has traded hands for $6.85 million or $165-per-square-foot. NAI Capital’s Mario Alvarez and Marc Piron represented the seller and buyer in the transaction, which were unnamed.
The property is located at 5536-5546 Philadelphia St. in a prominent retail corridor within the West Inland Empire. The deal included two single-story retail buildings; a 24,742-square-foot movie theatre, leased to corporate tenant Cinemark USA, and a multitenant building totaling 16,689 square feet anchored by Shakey’s Pizza, along with five other tenants. The asset sits on 3.41 acres, in a central location, at the corner of Central Avenue and Philadelphia Street.
Piron says, “This is a great investment. Well-located retail centers will continue to outperform the rest of the market.”
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