Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.