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8/20/24
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A Los Angeles-based 1031 exchange investor purchased a recently constructed, three-tenant net-leased investment anchored by a Chipotle Mexican Grill with a drive-thru “Chipotlane” in Riverside. The 6.3k sf property, which traded for $5.84 mil ($927/sf), was sold by Greens Development Inc, of Irvine.
The Chipotle-anchored pad building, completed in 2020, sits on a 0.90-acre parcel at 22430 Van Buren Blvd. The three-tenant building also includes MA Dental and BHC Chicken, which is expected to open in October.
The pad building is a part of Veteran’s Plaza, a community shopping center and hotel complex developed by Greens Development Inc. It includes In-N-Out, a four-tenant Starbucks-anchored multi-tenant retail pad building, Hampton Inn + Home2 Suites, Circle K convenience store with a 76 gas station and others, promoting crossover shopping.
The Chipotle-anchored pad building is situated between Hampton Inn + Home2 Suites and In-N-Out near the signalized intersection of Van Buren and Opportunity Rd (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 at a cost exceeding $32 mil. The site also benefits from excellent freeway signage along Interstate 215.
Veteran’s Plaza is located within Meridian Business Park, a 1,290-acre master-planned commerce and distribution center planned to have 16 million square feet of building space, creating up to 18,000 jobs. Current tenants include Amazon, UPS, Sysco, Kaiser Permanente, Kia Automotive, McLane Foods and others.
The property is situated directly off the Interstate 215 on/off ramps (154,680 cars per day). 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.
Eric Wohl and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the seller and developer in the deal. The buyer was repped by Justin Altemus of The Altemus Company in Los Angeles.
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