Tyler Village, an eight-building, 91.5k sf neighborhood retail center in Riverside, sold for $13 mil, or about $142/sf. The asset was purchased by a SoCal private investment partnership in a deal that closed at a 7.2% cap rate.
Located on 8.18 acres at 10102 to 10236 Indiana Ave, east of I-15, Tyler Village is adjacent to Riverside’s most heavily traveled intersection of the 91 Fwy and Tyler Ave. The property is also less than two blocks away from Riverside’s top-ranked regional mall, Galleria at Tyler, which includes more than 1.14 msf of retail, dining and entertainment venues.
The asset was 78 percent occupied at the close of escrow and presented the buyer with a value-add opportunity for lease-up of the vacancy and enhancing the tenant mix over time. Donald MacLellan and Chris Tramontano represented the buyer and the seller, a private investor from Northern California.
Working closely with the seller and property management, Faris Lee Investments recommended a leasing broker from Argent Retail Advisors who secured Hibachi Grill, a Chinese buffet restaurant, prior to the close of escrow. Hibachi Grill will occupy a 12.2k sf, free-standing restaurant pad and will be opening its doors in late 2015.