Riverside Strip Center Produces Premium Sales Price
September 8, 2017
Red Mountain Retail Group divested a 5,231-square-foot retail property in Riverside, CA to an undisclosed Los Angeles-based private investor for $4.025 million. The closing cap rate was 5.3% and the per-square-foot price was nearly $770, one of the highest ever paid for a retail strip in the Inland Empire region.
Located at 3739-3747 Central Ave., the property is next to Riverside Plaza, and was 100% pre-leased prior to the completion of a major redevelopment. Tenants include Jamba Juice, Jimmy John’s, and Tokyo Joe’s.
Faris Lee’s Donald MacLellan and Joseph Chichester represented the seller. NAI Capital represented the buyer.
MacLellan notes interest was strong because of the high caliber of tenants on long-term leases, and the recent renovation of an affluent, dense infill location in the heart of one of Riverside’s strongest retail corridors. He said, “This opportunity gives the buyer a turn-key, cash-flowing asset with minimal landlord responsibilities.”