A 5.2k sf retail property leased to three food operators in Riverside has sold for $4 mil, or around $769/sf. The property was 100% pre-leased to Jamba Juice, Jimmy John’s, and Tokyo Joe’s prior to the completion of a major redevelopment of the property.
Located at 3739-3747 Central Ave, 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. About 285,000 permanent residents and a daytime population of more than 110,000 employees are within a five-mile radius of the asset.
Donald MacLellan and Joseph Chichester with Faris Lee Investments represented the seller, Red Mountain Retail Group. The buyer, a Los Angeles-based private investor, was repped by NAI Capital. The closing cap rate was 5.3%. The asset traded at one of the highest prices per sf ever paid for a retail strip in the Inland Empire region.