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9/16/22
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A 10.4k sf, neighborhood retail shopping center in Riverside traded hands for $4.825 mil, or $463/sf. The property, Centerpointe Plaza, is located at 3225 Market St, at the intersection of Riverside's primary thoroughfares: Market Street and 2nd Street.
Built in 2018, the property features excellent street visibility, in an excellent retail trade area with over 200,000 people living within five-mile radius, and a Walk Score of 85. The center was 100% leased at the time of the sale with long-term leases in place.
Steve Liu, John Bosko, Bob Bush and Andrew Batcheller with NAI Capital Commercial represented the buyer, a family trust, and the seller, Centerpointe at Market LP, in the transaction. The deal closed at a 6.0% cap rate.
“The combination of a well-maintained property, with triple net structured leases, made this an ideal investment for the buyer,” noted Liu. “The buyer purchased this asset in an exchange and is extremely pleased with addition of this investment to their portfolio.”
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