CHINO HILLS, CALIF. — Wood Investments Cos. has purchased a single-tenant retail investment property located at 4050 Chino Hills Parkway in Chino Hills. An undisclosed seller sold the asset for $2.5 million.
Situated within Chino Hills Parkway Center, 99 Cents Only occupies the 28,240-square-foot property, which was originally built in 1974 for Alpha Beta. Other tenants at the shopping center include 7-Eleven, Jack in the Box, AutoZone and H&R Block.
Wood Investments plans to hold the asset for cash flow until the end of the 99 Cents Only lease and will either negotiate a new lease with 99 Cents Only or another essential needs or grocery tenant at market rates. The business plans will take approximately three to five years to complete.
Patrick Wade, Alex Kozakov and Jake Hayutin of CBRE’s South Bay office in El Segundo, Calif., represented the seller, while Wood Investments Cos. was self-represented in the deal. Chicago-based JDI Realty is the lender in the deal.