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10/19/18
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Tarski Group LLC has purchased Heritage Plaza, a 119k sf shopping center in Riverside, for $26.25 mil ($220/sf). The property is located at 5130-5290 Arlington Ave, east of I-15 and north of the 91 Fwy.
Heritage Plaza is anchored by Smart & Final and was 75.6% occupied at the time of sale. Other tenants include Starbucks, Del Taco, UPS, Subway, Compass Bank, Yum-Yum Donuts and Verizon Wireless. The center features over 600 feet of frontage along Arlington Ave, with more than 28,300 vehicles passing each day.
CBRE’s Alex Kozakov, Patrick Wade and Alan Krueger represented the buyer, a local private investor, and the seller, a venture between WPI-Heritage LLC and UAP-Heritage LLC, both Orange County-based development companies. According to Kozakov, the property presented a unique investment opportunity with an immediate upside through lease-up.
“Heritage Plaza provides an attractive value-add investment with a high-performing grocery store anchor and vacant junior box space,” noted Wade. There are multiple parcels with national tenants as pad sites, which provides multiple exit strategies as well.“
The Inland Empire retail market is one of the hottest emerging markets in Southern California. With the addition of new shopping centers and more development under way, the area is expected to continue its solid growth. Lease rates are also expected to rise gradually with continued demand for space, according to CBRE research.
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