Retail Investment Firm Pays $39M For Inland Empire Shopping Center
The 182,653-square-foot shopping center is 83 percent leased in Riverside, Calif.
Grocery-anchored retail has maintained high demand compared to other sectors of retail over the past year, especially in the Inland Empire region east of Los Angeles, which has seen an uptick in new consumers over the same period.
Merlone Geier Partners is looking to take advantage of the stable asset class. The retail investment firm acquired the Magnolia Tyler Center, a grocery-anchored shopping center in Riverside, Calif., for $39 million, brokerage firm JLL announced.
The company acquired the 182,653-square-foot shopping center, located at 3650-3790 Tyler Street, across from the Galleria at Tyler, from a private family that has owned the property for more than 50 years. Property records show it was owned by a trust that belongs to John A. Hamner.
The center, which is 83 percent leased, is anchored by Aldi and also includes Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks, Olive Garden and America’s Tire.
The seller was represented by Gleb Lvovich and Daniel Tyner with JLL.
The suburban region saw an influx the past year of residents who were either priced out of L.A., or took advantage of work-from-home strategies over the past year, making Riverside the fastest-growing county in California. While retail as a whole flopped due to mass stay-at-home restrictions, grocery stores were allowed to continue operating, and maintained high investor demand.
Earlier this week, a joint venture of CGI Strategies and Megdal Investments announced that it acquired a 24,000-square-foot retail property in L.A.’s Los Feliz neighborhood. It’s the third and final piece of a 1.7-acre land assembly. The center, previously occupied by Rite Aid, is being redeveloped into an organic grocery operated by Lazy Acres Market, which signed a long-term lease with CGI Strategies.