Two Adjacent Riverside Retail Properties Trade for $4.2M
Progressive Real Estate Partners has brokered the sale of two adjacent single tenant retail properties on University Avenue in Riverside, CA. The buildings were purchased by private investors in separate deals totaling $4.2 million.
The property at 3940 University (pictured) is a 2,250 square foot Plant Power fast casual restaurant with patio. The building sold for $2.07 million, or $920 per square foot in an all-cash deal at a 4.84% cap rate. 3980 University is home to a pair of fast casual eateries, Richie’s Hot Chicken and Carlo’s Tijuana Tacos. The 3,500 square foot building sold for $2.15 million in an all-cash exchange at a 5.03% cap rate.
Both properties were recently remodeled and have excellent visibility. “The Downtown Riverside location sparked a lot of interest in both these properties,” said Progressive Real Estate Partners’ Greg Bedell who marketed the listings and represented the LA-based seller of both properties.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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