CalBay Development Acquires Two Retail Assets in Southern California for Combined $5.9 Million

Ontario, Calif. — CalBay Development has acquired two retail assets in Ontario totaling $5.8 million.

The first site CalBay acquired was a soon-to-be vacated restaurant. The owner, MGR Real Estate Inc., sold the one-acre site for $2 million. CalBay plans to convert the restaurant into a Fast5Xpress Car Wash. Construction on the new facility is scheduled to begin in November. The second site CalBay acquired was a Chevy’s Fresh Mex Restaurant. The 8,000-square-foot restaurant is an outparcel to the Ontario Mills Mall. CAPRE Brokerage arranged the $3.9 million transaction, and Comerica Bank provided acquisition financing. The name of the seller was not disclosed.