The buildings, which were on the market for three months, have fetched nearly $2.6 million for Crown. Outback Steakhouse and Burger King hold long-term leases at the restaurants, which are located at the corner of El Capitan and Beach Blvd. Completed in 2001, they encompass a total of 9,550 sf.
Don Emas and Kevin Boeve of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. acted on behalf of the seller, the Coachella Valley-based Gunel Family Trust. Crown Realty & Development was also represented by Emas and Boeve.
Crown both acquires suitable properties to reposition and engages in new development. Past projects in Southern California include the Stadium Crossings complex in Anaheim, Venice Crossroads in Culver City and Gateway at Burbank in Burbank. Last year, the company expanded into the Colorado market with its acquisition of a 126,200-sf office building in Colorado Springs.
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