Magnolia Tyler Center Sells for the First Time in 50 Years
Magnolia Tyler Center’s immediate value-add potential created a unique opportunity for investors and proved that the demand for grocery-anchored centers is as strong as ever, say brokers associated with its recent sale. The 182,653-square-foot value-add shopping center in Riverside sold for $39.4 million to Merlone Geier Partners.
Currently 83 percent leased, the property created a value-add opportunity for the buyer to increase income through lease up and future rent growth. The center is anchored by Aldi, Bob’s Discount Furniture, Big Lots and Bed Bath & Beyond as well as a mix of daily needs, national and local retailers including Starbucks, Olive Garden and America’s Tire.
The center is situated across from the Tyler Galleria Mall, which provides strong cross shopping to existing tenants. Magnolia Tyler Center is located at 3650-3790 Tyler St. at the southwest corner of Magnolia Avenue and Tyler Street, exposing the property to more than 63,000 vehicles per day.
The center is adjacent to the 91 Freeway, which connects Orange County to the Inland Empire, and pulls from a densely populated trade area that includes more than 260,000 residents within a five-mile radius. Additionally, the property’s Riverside County location places it in the fastest-growing county in California.
JLL marketed the property on behalf of the seller, a private family that has owned the property for more than 50 years. The JLL team was led by Gleb Lvovich and Daniel Tyner.
“Investors are looking ahead beyond the COVID-19 pandemic and are expecting strong tenant demand and rent growth as the economy continues to re-open to a very well-capitalized consumer base,” Lvovich said.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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