A private local buyer, Tarski Group LLC, has purchased a 119,048-square foot shopping center at 5130-5290 Arlington Avenue in Riverside, California, for $26.25 million from an Orange County–based private selling partnership between WPI-Heritage LLC and UAP-Heritage LLC, according to a release from a representative of CBRE. The statement says the property is anchored by Smart & Final and operating at 75.6 percent occupancy.
CBRE’s Alex Kozakov, Patrick Wade, and Alan Krueger represented both parties in the transaction, according to the statement. Other tenants include Starbucks, Del Taco, UPS, Subway, Compass Bank, Yum-Yum Donuts and Verizon Wireless. The statement also says the center features over 600 feet of frontage along Arlington Avenue, with more than 28,300 vehicles passing each day.
Kozakov says in the release, “This is a unique investment opportunity with an immediate upside through lease-up.” He adds that the team received multiple offers for the center and that the property is “ideally located and surrounded by strong demographics.”
In addition, Wade is quoted as saying, “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.”
According to CBRE research, the Inland Empire retail market is one of the hottest emerging markets in Southern California, and with the addition of new shopping centers and more development under way, the area is
expected to continue its solid growth. Lease rates are also expected to rise gradually with continued demand for space, CBRE says.