Hanley Investment Group Arranges $20.77 Million Sale of Five Retail Outparcels at Grocery-Anchored Shopping Center in Riverside, Calif.

November 13, 2024 at 08:08 AM EST

RIVERSIDE, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of five retail outparcels totaling 25,916 square feet at Citrus Landing, a newly remodeled, 100%-occupied, 124,904-square-foot grocery-anchored neighborhood shopping center located in the densely populated Inland Empire community of Riverside, California. The sale price was $20,775,000.

Hanley Investment Group's Executive Vice President Kevin Fryman, along with President Ed Hanley, represented the seller, a private investor from San Diego, California. Art Flores, senior vice president with CBRE in Newport Beach, represented the buyer, a private investor from Los Angeles.

"We procured an all-cash private 1031 buyer, leveraging a long-term broker relationship, for this off-market transaction," noted Fryman.

Situated at the signalized intersection of Van Buren Boulevard and Arlington Avenue at 6061-6221 Van Buren Boulevard and 7280 Arlington Avenue in Riverside, the five retail pads are shadow anchored by Stater Bros. Markets, Ross Dress For Less, AutoZone, and KFC, which collectively occupy a total of 98,988 square feet (not part of the sale).

The five exterior pad and outparcel buildings sold encompass 25,916 square feet on 5.46 acres. These freestanding pads house national and regional tenants, including Chick-fil-A (which opened in Q1 2024), Carl's Jr., Quick Quack Car Wash, Arrowhead Credit Union, and a multi-tenant pad building featuring Panda Express, Café Bottega, and Pacific Dental.

"The buyer's acquisition represented a unique opportunity to acquire five outparcels within a newly renovated, high-performing grocery-anchored shopping center, featuring best-in-class anchor tenants in a densely populated Southern California submarket," said Fryman. "Importantly, all five pad buildings are situated on separate legal parcels, offering multiple exit strategies for the buyer."

Citrus Landing is anchored by Inland Empire's leading grocer, Stater Bros., which operates 169 supermarkets and has annual revenues of over $4 billion. According to Placer.ai, this location ranks within the top five Stater Bros. locations (out of 166 locations tracked) and is in the 97th percentile company-wide for customer visits, averaging approximately 1.1 million visits annually. The shopping center is centrally located approximately two miles north of the Riverside Freeway (California Highway 91), which sees an average daily traffic count of approximately 212,000 vehicles at the Van Buren Boulevard interchange. Van Buren Boulevard functions as a regional arterial and is the sole north and south thoroughfare in the area that provides access across the Santa Ana River to and from Riverside and Jurupa Valley.

The Van Buren Boulevard corridor serves as one of the primary retail arterials within the submarket. National and regional tenants within one mile of Citrus Landing include Walmart Supercenter, Food 4 Less, Cardenas Markets, El Super, Rite Aid, and dd’s Discounts. Citrus Landing benefits from excellent frontage along both Van Buren Boulevard and Arlington Avenue, with strong average daily traffic counts of approximately 53,848 and 22,089 vehicles, respectively.

"Our recent sales, including the pads at Citrus Landing and our current escrow properties, highlight the continued demand for grocery-anchored and grocery shadow-anchored retail properties with strong fundamentals, which are still achieving favorable cap rates," Fryman noted. "The high demand from private and institutional investors for shadow-anchored single-tenant and multi-tenant strip centers is due to the combination of traffic driven by the grocer and the potential for rent growth that grocer leases typically lack.”

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email: Send Email
Phone: 949.585.7674
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/

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Hanley Investment Group Arranges $20.77 Million Sale of Five Retail Outparcels at Grocery-Anchored Shopping Center in Riverside, Calif.

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