10,414 SQFT Shopping Center in Riverside Sells for $4.825MM

Riverside, NAI Capital Commercial, Centerpointe at Market LP, Centerpointe Plaza

Riverside, CA –– NAI Capital Commercial is pleased to announce that Executive Vice President Steve Liu, Vice Presidents John Bosko and Bob Bush along with Senior Associate Andrew Batcheller from the Irvine office completed the sale of an 10,414 square foot neighborhood retail shopping center in Riverside, California. Steve, John, Bob, Andrew represented the seller, Centerpointe at Market LP, and buyer, a family trust, in the transaction. The sale price totaled $4,825,000 or $463 per square foot at a 6.0% cap rate.

Centerpointe Plaza is located at 3225 Market Street at the intersection of Riverside’s primary thoroughfares: Market Street and 2nd Street. Built in 2018, the property features excellent street visibility, in an excellent retail trade area with over 200,000 people living within 5-mile radius, and a Very Walkable Walk Score of 85. The center was 100% leased at the time of the sale with long-term leases in place.

Steve said, “The combination of a well-maintained property, with triple net structured leases, made this an ideal investment for the buyer. The buyer purchased this asset in an exchange and is extremely pleased with addition of this investment to their portfolio.”

“We are seeing tremendous interest from investors for well-located high quality retail assets even with the rise in interest rates,” added Andrew.

About NAI Capital Commercial

NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 300 brokerage offices and over 5,100 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.