RIVERSIDE, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm, announced today that the firm recently brokered the acquisition of five retail outparcels from Paragon Commercial Group 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.
Hanley Investment Group's Executive Vice President Kevin Fryman and President Ed Hanley represented the 1031 exchange buyers, private investors from San Diego and Newport Beach, California. Paragon Commercial Group was represented by REZA Investment Group Inc. of Irvine, California.
Fryman noted, "Our clients had previously sold industrial land and we identified this retail investment opportunity to fulfill their 1031 exchange objectives. We negotiated a 16-day escrow, including a six-day contingency period, providing Paragon with surety of closing." He added, "We expedited the process by securing private financing, leveraging our strong lender relationships for a swift close."
Paragon Commercial Group Director of Development, Todd Huber, provided additional color on the transaction, stating, "We are extremely proud of the redevelopment of Citrus Plaza and given our long-term relationship with Hanley Investment Group, we were pleased to be able to quickly structure and close a deal that was a win-win for both parties."
Situated at the signalized intersection of Van Buren Boulevard and Arlington Avenue at 6061-6221 Van Buren Blvd. and 7280 Arlington Ave. in Riverside, the five retail pads are shadow anchored by Stater Bros. Markets, Ross Dress For Less and AutoZone, which collectively occupy a 96,422-square-foot building (not part of the sale).
The five exterior pad and outparcel buildings purchased by the buyer encompass 25,916 square feet on 5.46 acres. These freestanding pads house national and regional tenants, including Chick-fil-A (opening 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 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 171 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.
Citrus Landing 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, dd’s Discounts and 99 Cents Only Stores.
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.
About Paragon Commercial Group
Paragon Commercial Group is a privately owned Los Angeles, CA-based retail development company formed during the trough of the GFC to capitalize on opportunistic investment into value-add acquisition and tenant-driven retail development opportunities. Since its formation in 2009, Paragon has grown to be one of the leading strategic retail investors on the West Coast.
Visit www.ParagonCommercialGroup.com for additional information.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $10.5 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.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email: Send Email
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
Country: United States