|Vestar has teamed up with a UBS Global Asset Management-advised fund to purchase Riverside Plaza, a 475.2k sf retail center located on 35 acres in Riverside, for $84.8 mil ($179/sf) in an all cash transaction. We’re told that the acquisition is one of the largest investment sales transactions in the Inland Empire in the past 10 years.
Located adjacent to the heavily traveled I-91 freeway, Riverside Plaza is 92 percent leased and is anchored by Vons Supermarket, Trader Joes, CVS Pharmacy and Regal Cinemas Stadium 16. The premier retail center also features other nationally-recognized tenants including Forever 21, Chico’s, JoS. A. Bank, El Torito, California Pizza Kitchen, Islands Burgers, Chase Bank, Panera Bread, Chipotle, Wendy’s, and El Pollo Loco.
“Riverside Plaza provides us with a value-added investment opportunity in a premier region of Southern California ,” said Rick Kuhle, President of Vestar. “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."
Vestar manages more than 22 msf of retail properties in the West. The company is currently seeking more value-add properties like Riverside Plaza throughout the West.
The HFF team of Bryan Ley, Ryan Gallagher, John Crump and CJ Osbrink repped the seller, Westminster Funds. Vestar represented itself in the transaction.