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5/12/21
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Magnolia Tyler Center, a 182.7k sf value-add shopping center in Riverside, was acquired by Merlone Geier Partners in a $39.4 mil ($216/sf) transaction. The center, anchored by Aldi, Bob’s Discount Furniture, Big Lots and Bed Bath & Beyond, was sold by a private family that has owned the property for more than 50 years.
Magnolia Tyler Center is anchored by Aldi, the third largest supermarket chain in the U.S. by store count. Currently 83% leased, the property offers a value-add opportunity for the buyer to increase income through lease up and future rent growth. The center is also home to a diverse mix of daily needs, national and local retailers, including Starbucks, Olive Garden and America’s Tire, among others.
Situated across from the Tyler Galleria Mall, which provides strong cross-shopping with the existing tenants, Magnolia Tyler Center is located at 3650-3790 Tyler St, at the southwest corner of Magnolia Ave and Tyler St, exposing the property to more than 63,000 vehicles per day. The center is adjacent to the 91 Fwy, which connects Orange County to the Inland Empire and pulls from a densely populated trade area that includes more than 260,000 residents within a five-mile radius. Additionally, the property’s Riverside County location places it in the fastest-growing county in California.
Gleb Lvovich and Daniel Tyner with JLL Retail Capital Markets repped the seller in the deal. According to Lvovich, investors are looking ahead beyond the COVID-19 pandemic and are expecting strong tenant demand and rent growth as the economy continues to re-open to a very well capitalized consumer base.
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