RIVERSIDE, CA– Vestar, in a joint venture with a fund
advised by UBS Global Asset Management, announced today that it has acquired Riverside Plaza (top left photo), a 475,211-square-foot
retail center located on 35 acres in Riverside, Calif., for $84,844,000 in an
all cash transaction.
The acquisition
marks one of the largest investment sales transactions in Southern California's
Inland Empire region in the past 10 years.
Vestar currently manages more than 22 million square feet of retail
properties in the West.
“Riverside Plaza provides us with a value-added investment opportunity
in a premier region of Southern California ,” said Rick Kuhle (middle right photo), President of Vestar.
“Our goal is to significantly upgrade the center with new landscape and
amenities while bringing in new retailers."
Kuhle
continued by saying that we are very bullish about these types of value-added
investment opportunities and are aggressively seeking more properties like it
throughout the West.
"Riverside Plaza is one of the premier retail centers in Southern
California and we are excited to be adding it our portfolio ," said Jeff
Axtell (middle left photo) Vestar Director of Acquisitions and Development. "The property provides Vestar with
stable cash flow with a strong demographic mix."
Located adjacent to the heavily traveled I-91 Freeway, Riverside Plaza
is 92 percent leased and anchored by
Vons Supermarket, Trader Joes, CVS Pharmacy and Regal Cinemas Stadium 16.
The premier retail
center also features other nationally-recognized tenants including Forever 21,
Chico’s, JoS. A. Bank, El Torito, California Pizza Kitchen, Islands Burgers,
Chase Bank, Panera Bread, Chipotle, Wendy’s, and El Pollo Loco.
The
HFF team of Bryan Ley (bottom right photo), Ryan Gallagher,
John Crump and CJ Osbrink represented
the seller, Westminster Funds, in the transaction. Vestar represented itself in the transaction.
Contact:
David Ebeling
Ebeling
Communications
(949) 278-7851
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