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3/19/15
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A Newport Beach-based family trust paid $4.8 mil for a 7.5k sf ($640/sf), single-tenant, NNN-leased retail property fully occupied by Citibank in Riverside. Citibank has nine years remaining on its lease.
Located at 3580 Tyler St, the asset is situated directly across the street from the Galleria at Tyler, the area’s most successful regional mall that is anchored by Nordstrom and Macy’s. Additionally, the site is an outparcel pad to a Target and on the drive to work side of the street as commuters approach the 91 Fwy.
Shaun Riley, senior managing director with Faris Lee Investments represented the buyer in the deal. The seller, CP Sunshine LLC from Lafayette, CA, was repped by Equity Investment Advisors. The closing cap rate was 4.44 percent.
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