Wednesday, September 26, 2012

Vestar and UBS Global Asset Management Acquire Riverside Plaza in Riverside, CA for $84.84 Million


 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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