April 1, 2016
University Village, a 180,681-square-foot, non-core, multi-level, theater-anchored entertainment center in Riverside was sold for $43.89-million, representing a 6.20 percent cap rate. Located in the heart of Riverside, and at the gateway to California State University at Riverside, the property serves as the primary commercial downtown area for the college community.
Situated on 11.95 acres with 1,000 linear feet along I-215, the acquisition included an 897-stall, 6-level parking structure.
CBRE’s National Retail Investment Group’s West team, including Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer, represented the seller, a Los Angeles-based partnership. Diamond Bar-based Diamond Hills Realty’s Helen Yu Zhou represented the buyer, a Chinese-based private investor.