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December 11, 2017
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SOUTHERN CALIFORNIA NEWS
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Freestanding Retail Property in Riverside Sells for $148/sf

12/01/17

A free-standing, 22k sf retail building in Riverside sold for $3.25 mil, or $148/sf. The property is located at 10000 Magnolia Ave, along Riverside’s premier retail corridor.

Built in the 1960s, the outdated building is mostly vacant. It is being renovated by the buyer, who has leased it to the Social Security Administration (SSA) for their new Riverside office, which is projected to open in 2018.

The buyer’s multi-million dollar renovation of the property will include upgrading the façade, making extensive interior renovations and adding a parking deck. To make way for the renovation the property’s existing tenant, Riverside Cyclery, will be relocating and moving out at the end of the year.

The building was particularly desirable to the Social Security Administration due to its size, proximity to the 91 Fwy and central location, less than a ½ mile from the Galleria at Tyler regional mall. The property also enjoys excellent street visibility with an average daily traffic count of almost 33,000 cars.

Progressive Real Estate Partners’ Greg Bedell and Pablo Velasco represented both parties in the transaction. The seller was a private investor based in San Bernardino. The buyer is a Laguna Beach based privately-held development firm with a successful track record of re-developing properties, often times for government entities such as the SSA.

“When the SSA issued their RFP for a new location along Riverside’s well-established Magnolia corridor, this building was a clear fit and we procured multiple offers,” noted Bedell. “However, there were a lot of moving parts to the transaction, most notably aiding the seller with a complicated lease buy-out and working with the buyer to overcome the site’s lack of parking.”




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