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OC Firm Spends $42M for Retail Property in Chino
Santa Ana-based Red Mountain Retail Group has acquired a 168,000-square-foot shopping center in the Inland Empire for $42 million or $252 per square foot. The Country Fair Center in Chino, CA is anchored by an Albertsons, and includes Pet Smart, Rite Aid, Dollar Tree and America’s Tires.
Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the silver Kimco Realty, a REIT based in Long Island, New York. Red Mountain, meanwhile, has been focusing on redeveloping distressed strip malls, and currently has a portfolio of 92 properties across 18 states.
Located at 11901-12089 Central Avenue, the property is situated just north of the 60 Freeway and was 92% occupied at the time of the sale. The $252-per-square-foot price is among the highest values for a leased retail property sold in the IE.
- ◦Sale/Acquisition
