$5.35 Million Sale of Riverside Property Occupied by Grocery Outlet Bargain Market
Riverside, CA – SRS Real Estate Partners’ National Net Lease Group has completed the $5.35 million sale of a single-tenant 17,889-square-foot freestanding property fully occupied by Grocery Outlet Bargain Market in Riverside, CA. With construction completed in late 2018, the property is located on 1.95 acres at 3490 Madison Street. The absolute triple-net leased asset has a new 15-year lease in place and is part of a larger shopping center known as Madison Plaza.
“New construction assets with a successful grocery tenant are in high demand from investors and this offering was no exception,” said Luther.
The property is situated at the signalized intersection of Madison Street and Garden Street and has direct on/off ramp access to the adjacent Riverside Freeway/State Highway 91 connecting much of the Inland Empire to the coastal regions of Orange County and Los Angeles. Madison Plaza is anchored by 24 Hour Fitness and also includes Starbucks, Denny’s, and Circle K/Exxon Mobile gas station along with other pad spaces that are completing construction. The asset is also near Home Depot, Ross Dress for Less, Dollar Tree, among other national name brand retailers. There is a dense population of more than 284,000 within a five-mile radius of the property.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Newport Beach-based private developer and sourced the buyer. The buyer was a Newport Beach-based physician in a 1031 exchange with other holdings in the Inland Empire and was represented by Marcus & Millichap. Additionally, SRS’ Executive Vice President Garrett Colburn and First Vice President Townsend Cropsey were responsible for securing the long-term lease with Grocery Outlet on behalf of the ownership.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. For more information, please visit www.srsre.com.