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Riverside Retail Center Trades for $22M
Michaels Plaza, a 62,952-square-foot, newly-remodeled regional shopping center anchored by Michaels in Riverside, CA, has sold for $22.15 million. The seller was an affiliate of San Francisco-based The Krausz Companies, Inc., while the undisclosed buyer was a private investor from Fullerton, CA.
The 98%-occupied center, at 10303-10357 Magnolia Ave., was built in 1987 on five acres and located across the street from the Galleria at Tyler Mall. Krausz acquired the property in 2013, and implemented a multi-million-dollar renovation in 2016.
The buyer was represented by Jefferson Kim of jKim Group, Inc. Hanley Investment Group Real Estate Advisors’ Ed Hanley, Bill Asher and Kevin Fryman represented the seller.
“The sale represents another prime example of a 1031 exchange buyer deploying their proceeds into a retail investment as a flight to quality and security,” said Fryman.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




