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6/15/23
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Regional Properties has obtained $37 mil in financing for Mission Grove Plaza, a 248.1k sf shopping center in Riverside. The property is located at 121 – 383 East Alessandro Blvd, east of I-215 at Trautwein Rd.
The 16-building shopping center is anchored by Stater Bros. Markets, which leases 45.7k sf (18% of the net rentable area). The center has 45 other tenants, including Galaxy Theaters, Bank of America, UPS, IHOP and Romano's Chicago Pizzeria.
Originally developed by Regional Properties in 1986, the center has undergone renovations throughout its four decades of operation, most recently in 2000. The property is on 32.36 acres on the southeast corner of Alessandro Blvd and Trautwein Rd.
Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra with CBRE Capital Markets' Debt and Structured Finance team secured the fixed-rate, five-year term, full-term interest-only loan.
According to CBRE research, Riverside has Inland Empire's lowest vacancy among shopping centers. This is evident by the Mission Grove Plaza's strong occupancy, and it will be boosted by EOS Fitness occupying a 32k sf space in Q1 2024 after its buildout is complete.
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