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10/31/16
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In a recent retail lease comp from Riverside, Inland Empire Health Plan (IEHP) inked a five-year deal for 7.6k sf of space at 3590 Tyler St. The deal, which has a total value of approximately $700k, averages out to $1.53/sf/mo.
Built in 1995, the property is surrounded by over 1.3 msf of retail. The space is next to Dollar Tree and BBVA Compass Bank and is directly across from the Galleria at Tyler regional mall, anchored by Nordstrom, Macy’s, JC Penney, Barnes & Noble and AMC Theatres. Additional neighboring retailers include Target, Kohl’s Bed Bath & Beyond and Big Lots as well as several fast food and sit down restaurants.
The property is situated on Riverside’s main retail corridor and is easily accessible from both the high traffic Tyler St and the busy 91 Fwy, with a combined average daily traffic count of over 215,800 cars. The location also enjoys a population of over 1 million people within an 18-minute drive.
Pablo Velasco of Progressive Real Estate Partners represented the landlord in the deal. Thomas Pierik of Lee and Associates repped IEHP, a Rancho Cucamonga-based not-for-profit insurer that serves over 1,200,000 members in Riverside and San Bernardino counties who are enrolled in Medi-Cal, Medicare and the Healthy Kids program.
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