|
|
11/12/24
|
A private investor from Los Angeles purchased five retail outparcels totaling 25.9k sf at Citrus Landing, a newly remodeled, 100%-occupied, 124.9k sf grocery-anchored neighborhood shopping center in Riverside. The transaction came in at a price of $20.775 mil, or around $800/sf.
Situated at the signalized intersection of Van Buren Blvd and Arlington Ave at 6061-6221 Van Buren Blvd and 7280 Arlington Ave, the center is shadow-anchored by Stater Bros. Markets, Ross Dress For Less, AutoZone and KFC, which collectively occupy a total of 99k sf (not part of the sale).
The five exterior pad and outparcel buildings that traded sit on 5.46 acres. These freestanding pads house national and regional tenants, including Chick-fil-A (which opened in Q1 2024), Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union and a multi-tenant pad building featuring Panda Express, Café Bottega and Pacific Dental.
Hanley Investment Group’s Executive Vice President Kevin Fryman, along with President Ed Hanley, represented the seller, a private investor from San Diego, California. Art Flores, senior vice president with CBRE in Newport Beach, repped the all-cash, 1031 exchange buyer.
Citrus Landing is anchored by Inland Empire’s leading grocer, Stater Bros., which operates 169 supermarkets and has annual revenues of over $4 billion. According to Placer.ai, this location ranks within the top five Stater Bros. locations (out of 166 locations tracked) and is in the 97th percentile company-wide for customer visits, averaging approximately 1.1 million visits annually.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
