RANCHO MIRAGE, CA-Grosvenor, the UK-based international property developer, investor and fund manager, has acquired the River, a 227,550-sf outdoor lifestyle center at intersection of Bob Hope Drive and Highway 111. Grosvenor bought the property on behalf of its new international fund, called Igipt, which includes Australian co-investors.
Grosvenor acquired the property for an undisclosed price from the Los Angeles-based J.H. Snyder Co., which developed the shopping venue. Snyder has described it as a $70-million project and a GlobeSt.com report in October 2002 said that Snyder secured permanent financing of $41 million on the property.
The River, so named because it was designed by the Jerde Partnership with a five-acre, 1.7-million gallon river meandering through the property, occupies a 27.2-acre site at one of the busiest intersections in the Coachella Valley. It is 100% leased to 41 national and local tenants, anchored by Borders Books & Music and a 15-screen Century Theatre with 3,000 seats that draws attendance of more than one million per year.
Since it was completed in 2003, the River has grown into one of the busiest retail and entertainment venues in the Coachella Valley. It includes an outdoor 100-seat amphitheatre that serves as a local arts and music venue, with restaurants including the Cheesecake Factory, P.F. Chang's China Bistro, Fleming's Steakhouse, the Yard House, Babe's BBQ and Brewery and Piero's Acqua Pazza.
The River becomes part of a Grosvernor North American portfolio that consists of more than six million sf of space, including office, retail and industrial properties, as well as 1,715 residential units. Retail property represents about one third of Grosvenor's international portfolio.
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