National Lumber & Supply Inc. said that it has sold the remaining nine acres of its Ontario, Calif., property for $2.75 million. The acreage is part of a 12.9-acre parcel that the Fountain Valley-based home improvement center chain purchased for the site of a new store.
"Our original intention in purchasing the Ontario site was to guarantee a highly visible and well-situated location for our Ontario home center," said Melvin Jaffee, National's president and chief executive officer. "It was never our purpose to become shopping center developers."
The nine-acre lot was sold to United Income Properties Inc. of Beverly Hills. Jaffee said United intends to build a neighborhood shopping center on the acreage.
In a separate transaction in February, National sold its Ontario store, which occupies the remaining 3.9 acres of the site, for $3 million. National then leased back the store for 20 years with three additional five-year options.
National has 19 stores in Southern California.