|
|
8/01/24
|
An OC-based private investor paid $3.65 mil for a 100% leased, 7.3k sf ($503/sf) retail strip center located at 3948-3964 University Avenue in Downtown Riverside.
The strip center was recently remodeled and is home to six diverse service and food businesses ranging from 750 sf to 1.8k sf. Ideally situated along one of Downtown Riverside’s primary thoroughfares, the property is adjacent to a high-performing Maxi Foods grocer and benefits from a steady flow of “daily needs” customers as well as the daytime traffic generated by Downtown Riverside.
Within a five-minute drive of the property there is a population of over 30,400 people with an average household income of nearly $90k and a daytime marketplace of more than 20,000 employees.
Greg Bedell with Progressive Real Estate Partners represented the Los Angeles-based seller in the transaction. Bedell previously represented the same party in the sale of two freestanding retail buildings directly in front of the strip center. Girges Gad with Pacific Realty & Finance repped the buyer, who also owns other SoCal retail properties.
Downtown Riverside has undergone a major renaissance over the last few years including the addition of several new hotels, multiple residential projects, a remodeled convention center, a new library and the opening of the Cheech Marin Art Museum.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
