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November 28, 2023
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INLAND EMPIRE NEWS
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Starbucks-Anchored Retail Pad in Riverside Trades for $699/sf

6/13/23

A recently constructed, four-tenant net-leased investment anchored by a Starbucks Drive-Thru in Riverside traded for $4.89 mil. Built in 2020, the 7k sf ($699/sf) pad building sits on 1.14 acres at 22420 Van Buren Blvd.

The property is a part of Veteranís Plaza, a community shopping center and hotel including In-N-Out, Chipotle Mexican Grill, Hampton Inn + Home2 Suites, Circle K/76 gas station and more, promoting crossover shopping. The four tenants occupying the pad building are Starbucks Drive-Thru, Express Gadget Repair, Desperate Measures (tactical gear and accessories for hunters, adventurers, marksmen and other shooting competitions) and Jersey Mikeís Sub.

Situated directly off I-215 on/off ramps (154,680 cars per day), the property is adjacent to the Interstate 215 is March Air Reserve Base, a 2,075-acre facility with over 8,000 personnel assigned to it and a 1,750-civilian population.

The pad building is situated between In-N-Out and Chipotle Mexican Grill restaurants at the signalized intersection of Van Buren and Opportunity Road (over 40,000 cars per day). Traffic on Van Buren Blvd is projected to increase to 72,000 cars per day. The Interstate 215 and Van Buren interchange was completely remodeled with costs exceeding $32 mil. The site also benefits from excellent freeway signage along I-215.

Veteranís Plaza is located within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center planned to have 16 msf of building space, creating up to 18,000 jobs. Current tenants include Amazon, UPS, Sysco, Kaiser Permanente, Kia Automotive, McLane Foods and others.

Eric Wohl and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the seller, a local developer based in Irvine. The buyer, a private international investor, was repped by Shirley Kim of Max Mega Group Realty in Los Angeles. According to Wohl, the listing generated multiple qualified offers and secured an all-cash foreign buyer.





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