Arcadia, CA-based Yuanqi International acquired a 3,700-square-foot, single-tenant triple-net leased property occupied by Denny’s in Riverside, CA for roughly $3.5 million. The property sold at a cap rate of 4.7%, and approximately $956-per-square-foot.
Faris Lee Investments’ Jeff Conover and Chris DePierro represented the seller, Orange County-based HFC/PRP Madison LLC. The all-cash buyer was advised by RE/MAX Commercial’s Sonny Lee.
The location at 3530 Madison St. has been successful for Denny’s, which has been on the site for 50 years. The restaurant chain recently renewed its lease for another 20 years.
“Not only was this asset newly renovated, it is part of a larger retail center redevelopment within Madison Plaza that will include 24 Hour Fitness, Starbucks and other key tenants,” said Conover.