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4/01/16
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University Village, a 180.7k sf, non-core, multi-level, theater-anchored entertainment center in Riverside, has sold for $43.9 mil ($243/sf), representing a 6.20% cap rate. The buyer, a Chinese-based private investor, purchased the property as an addition to its portfolio.
Situated on 11.95 acres and 1,000 linear feet along I-215, University Village is located in the heart of Riverside, at the gateway to the University of California, Riverside, which serves as the primary commercial downtown area for the college community. It is located at 1201 University Ave, at the corner with Iowa Ave.
The center, which opened in 1996, is currently 96% leased. Anchored by Regency Theatres, University Village is also tenanted by Chase Bank, GameStop and T-Mobile. Food tenants include Denny’s, Jersey Mike’s, Rubio’s Starbucks and Yoshinoya, among others.
Phil Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer of CBRE’s National Retail Investment Group – West (NRIG-West) team represented the seller, a Los Angeles-based partnership.
“This transaction was an excellent result for both seller and buyer,” said Voorhees. “The 897-stall, six-level parking structure was included in this sale, providing the new ownership with tremendous flexibility in executing future leasing and repositioning strategies at University Village.”
“The University of California Riverside (UCR) is the ultimate anchor for University Village. In fact, the new purchaser graduated from UCR and possesses a thorough understanding of the asset. We expect great future results at University Village, and the seller group is pleased with pricing that exceeded expectations and is a high water mark for a two-level project of this size and quality in the Inland Empire,” said Voorhees.
In 2015, the NRIG-West team was CBRE’s #1 retail investment sales team nationally with a total transaction volume exceeding $940 mil in 63 transactions, encompassing 88 properties, totaling more than 16.8 msf in size. In total, the NRIG-West team has listed and sold more than $9.3 bil in retail transactions.
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