center that will likely
get new tenants.
RIVERSIDE, CA-If cash is king then Vestar just demonstrated that it reigns supreme via its most recent transaction. As part of a joint venture advised by UBS Global Asset Management, it snapped up Riverside Plaza for nearly $85 million in a, surprise, all-cash deal, according to a release from the company.
And not only is the green part of what makes this deal noteworthy; it’s also reportedly one of the largest investment sales transactions in Southern California’s Inland Empire for the past 10 years.
For those who like to eat, this retail property will certainly be hot. The center is home to a Trader Joe’s and chain eateries including Panera, Chipotle and Wendy’s. And for the fashion-savvy customer, Riverside Plaza also includes the discount fashion retailer Fovever 21 and a Chicos.
If this is your local shopping outlet, be prepared for a few, hopefully positive changes. According to Vestar president, Rick Kuhle, the center will be getting a facelift:
.“Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers,” he said in the same statement.
Further stats on Riverside Plaza: it spans 475,211 square feet of space, is located near I-91 and is currently 92% leased.
The HFF team of Bryan Ley, Ryan Gallagher, John Crump and CJ Osbrink represented the seller, Westminster Funds.