Riverside, Calif. -- Vestar, in a joint venture with a fund advised by UBS Global Asset Management, announced that it has acquired Riverside Plaza, a 475,211-sq.-ft. 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 sq. ft. 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, president of Vestar. “Our goal is to significantly upgrade the center with new landscape and amenities while bringing in new retailers."
Located adjacent to the heavily traveled I-91 Freeway, Riverside Plaza is 92% leased and anchored by Vons Supermarket, Trader Joe's, 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, Ryan Gallagher, John Crump and CJ Osbrink represented the seller, Westminster Funds, in the transaction. Vestar represented itself in the transaction.