Riverside Central Plaza
Rare Owner-User / Investment Opportunity with In-Place Income
Marketing description
STRONG OFFICE/RETAIL MARKET FUNDAMENTALS
►The IE has held the lowest office vacancy rate in the U.S. for five straight quarters and as of the second quarter 2024, vacancy has declined to 8.5%.
►Retail availability has also continued to tighten. The property is located within the Inland Empire's West End submarket, boasting the third lowest availability rate among all Inland Empire submarkets at 7.3% as of the fourth quarter 2024 (CBRE Econometric Advisors)
►Over the last five years, Riverside’s total employment has grown at an average annual rate of 2.3% while across the U.S., employment has grown at an average annual rate of 1.0% (CBRE Econometric Advisors). In that same span, office employment alone has grown by 2.5% annually.
AMENITY-RICH LOCATION IN RIVERSIDE’S PRESTIGIOUS MAGNOLIA CENTER NEIGHBORHOOD
►Magnolia Center has long been an important commercial hub of Riverside, sometimes considered a second downtown, where several of Riverside’s major streets converge – Magnolia, Central, Arlington, and Brockton Avenues. The offering is located less than 4.0 miles from Riverside Municipal Airport and less than 3.0 miles from Riverside’s revitalized Downtown that has served as county seat of government since 1893 and is the cultural and civic home for the Inland Empire.
►The prestigious University of California, Riverside (UCR), ranked 36th among Top Public Universities in the United States by U.S. News and World Report, is less than 5.0 miles from the offering. UCR enrolls approximately 23,000 students in more than 190 Bachelor’s, Master’s and Ph.D. degree-programs. As the only public research university in the Inland Empire, UCR attracts approximately $140 million in research funds and provides an economic impact of nearly $3 billion annually.
Investment highlights
RARE OWNER-USER/ INVESTMENT OPPORTUNITY WITH IN-PLACE INCOME
►Central Plaza presents the opportunity for an owner-user or investor to acquire a mixed retail/office project consisting of ±111,382 square feet. The property spans over five acres along heavily traveled Central Ave (±32,200 cars per day) with direct access to the 91 Freeway (±89,800 cars per day) and is situated less than 4.0 miles from the I-215/SR-60/SR91/ freeway interchanges that connect the Inland Empire to Orange and Los Angeles Counties.
►With existing leases expiring over the next 12-18 months, this offering presents a unique path for an owner-user to occupy roughly 50% of the property, while providing an income stream to help new ownership offset debt service.
►Situated on a lot totaling over 5 acres, the asset yields a low site coverage ratio and offers a wide range of redevelopment opportunities.
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