October 19, 2018 Comments Off on Riverside Shopping Center Sold for $26M Views: 3744 California News, Inland Empire

Riverside Shopping Center Sold for $26M

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A Smart & Final-anchored shopping center in Riverside, CA traded hands for $26.25 million. The private local buyer of the 119,048-square-foot property was Tarski Group, LLC. The seller was a partnership between WPI-Heritage, LLC and UAP-Heritage, LLC, both Orange County-based entities.

The 75.6%-occupied property is located at 5130-5290 Arlington Ave. Other tenants include Starbucks, Del Taco, UPS, Subway, Compass Bank, Yum-Yum Donuts and Verizon Wireless. The center features more than 600 feet of frontage along Arlington Avenue, with more than 28,300 vehicles passing each day.

CBRE’s Alex Kozakov, Patrick Wade and Alan Krueger represented the buyer and seller.

Kozakov says, “This is a unique investment opportunity with an immediate upside through lease-up.”

Wade added, “Heritage Plaza provides an attractive value-add investment with a high-performing grocery store anchor and vacant junior box space. There are multiple parcels with national tenants as pad-sites, which provides multiple exit strategies, as well.”

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