$4.025 Million Sale Of Redeveloped Retail Property In Riverside
Faris Lee Investments Completes $4.025 Million Sale of a Newly Redeveloped Retail Property in Riverside, California
Riverside, CA – Faris Lee Investments has completed the $4.025 million sale of a 5,231-square-foot retail property leased to three food operators in Riverside, Calif. The tenants include Jamba Juice, Jimmy John’s, and Tokyo Joe’s. The property was 100 percent pre-leased prior to the completion of a major redevelopment of the property.
Donald MacLellan, senior managing partner, and Joseph Chichester, director, with Faris Lee Investments represented the seller, Red Mountain Retail Group. The buyer, a Los Angeles-based private investor, was represented by NAI Capital. The closing cap rate was 5.3 percent and the price per square foot was nearly $770, which is one of the highest ever paid for a retail strip in the Inland Empire region.
“Faris Lee’s marketing program focused on the caliber of the tenants which are all on long-term leases, the asset’s quality construction, and the affluent, dense infill location in the heart of one of Riverside’s strongest retail corridors,” said MacLellan. “This opportunity gives the buyer a turn-key, cash-flowing asset with minimal landlord responsibilities.”
Located at 3739-3747 Central Avenue, the property is next door to Riverside Plaza, one of the city’s most successful shopping centers, with major tenants including Trader Joe’s, Nordstrom Rack, Vons, CVS, Regal Theatres, among others. More than 284,900 permanent residents and a daytime population of more than 110,000 employees are within a five-mile radius of the asset.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.