Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHINO, CA-In a sale that closed at $426 per sf, based Envy Investments LLC of Newport Beach has purchased a new, 5,287 sf retail space in a single building with addresses at 12400-12490 Walnut Ave. and 12488 Central Ave. for $2.25 million, according to the CB Richard Ellis Private Client Group in Newport Beach.

Phil Voorhees of the Private Client Group tells GlobeSt.com that the property generated more than a dozen offers in six days after being listed, including four full-price offers. The retail space was completed in 2003 and was 100% leased to Starbucks and Wells Fargo Bank at the time of sale. Voorhees, Gary Stache and Pat Scruggs of the Newport Beach office of CBRE represented the seller, Evergreen Central Corner LLC of Phoenix. The buying entity, Envy Investments, is composed of several Southern California private investors and was represented by Scott Hook of the Newport Beach office of Marcus & Millichap. The seller was also the developer of the property, which is a single-story, freestanding building.

Voorhees notes that the sale closed at a cap rate of approximately 6.875%, which he describes as one of the lowest cap rates in recent memory for a comparable retail property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.