Located in Downtown Riverside, the 95,000-sf complex is anchoredby Food4Less, Hollywood Video and Papa John's Pizza. Passcopurchased the property in 1998 for $8.1 million, along withinvestors who purchased their interest in Chicago Plaza to completea 1031 exchange.

The company, which specializes in converting under-performingreal estate assets, added significant improvements to the site. A5,200-sf Hollywood Video retail store was built, as well as a2,500-sf Jack in the Box restaurant.

Passco also leased an additional 23,000-sf of shop space andupgraded the parking lot. The center's occupancy level jumped to98% and the annual return to investors was at 14% during the30-month holding period.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.