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October 5, 2023
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Adjacent Single-Tenant Retail Properties in Riverside Trade in $4.22 Mil of Deals


Two adjacent single-tenant retail properties in downtown Riverside were purchased by private investors in separate deals totaling $4.22 mil. The buildings, located at 3940 and 3980 University Ave, have a combined 5.75k sf of space.

The building at 3940 University Ave is home to a 2.3k sf, freestanding Plant Power fast casual drive-thru restaurant with patio. The building sold for $2.07 mil ($920/sf) in an all-cash transaction at a 4.84% cap rate. According to QSR Magazine Plant Power is the nation’s fastest growing plant-based fast-food chain. The restaurant is operated by an experienced multi-brand franchisee that also operates Nekter Juice Bar and Subway restaurants.

The other building, at 3980 University Ave, features two different SoCal fast-casual restaurant concepts—Richie’s Hot Chicken (six locations) and Carlo’s Tijuana Tacos (three locations) both of which are leased and run by the same operator. The 3.5k sf building sold for $2.15 mil ($614/sf) in an all-cash exchange transaction at a 5.03% cap rate.

Both properties were recently remodeled and are ideally situated along University Ave, which is one of Downtown Riverside’s primary thoroughfares with excellent visibility to over 35,000 cars per day. Adjacent to a high performing Maxi Foods grocery store, the properties enjoy a steady flow of “daily needs” customers as well as the daytime traffic generated by Downtown Riverside which has recently undergone a major renaissance. Numerous new projects have been developed including a brand new $40 mil library, $28 mil culinary academy and several residential developments.

Greg Bedell, CCIM, with Progressive Real Estate Partners represented the Los Angeles-based seller of both properties.

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