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3/03/17
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A 3.7k sf, single-tenant NNN-leased property occupied by Denny’s in Riverside sold for $3.54 mil, or $957/sf. Denny’s has been at this location for 50 years (that’s a lot of Grand Slam breakfasts) and recently renewed its lease for another 20-year term.
The property is located at 3530 Madison St, adjacent to the 91 Fwy, a short distance south of the 60 Fwy. It is near a number of national retailers including Smart N Final, Ross Dress for Less, Home Depot and the Riverside Auto Center. Originally built in 1967, the property underwent a major renovation in 2016.
Jeff Conover and Chris DePierro with Faris Lee Investments represented the seller, Orange County-based HFC/PRP Madison LLC. The all-cash buyer, Arcadia-based Yuanqi International, was repped by Sonny Lee of RE/MAX Commercial. The property sold at a cap rate of 4.66%.
“Not only was this asset newly renovated, it is part of a larger retail center redevelopment within Madison Plaza that will include 24 Hour Fitness, Starbucks and other key tenants,” said Conover. “The property offered the buyer all the elements of a stabilized investment including a prime location, long-term tenant, and soon-to-be increased crossover traffic for Denny’s as the center adds a strategic tenant mix.”
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