Located in Downtown Riverside, the 95,000-sf complex is anchored by Food4Less, Hollywood Video and Papa John's Pizza. Passco purchased the property in 1998 for $8.1 million, along with investors who purchased their interest in Chicago Plaza to complete a 1031 exchange.
The company, which specializes in converting under-performing real estate assets, added significant improvements to the site. A 5,200-sf Hollywood Video retail store was built, as well as a 2,500-sf Jack in the Box restaurant.
Passco also leased an additional 23,000-sf of shop space and upgraded the parking lot. The center's occupancy level jumped to 98% and the annual return to investors was at 14% during the 30-month holding period.
"Riverside continues to be a strong market for real estate investment," says William Winn, senior vice president of Passco. "The strength of its residential growth provides a strong retail base for the tenants of Chicago Plaza."
Alan Krueger of Marcus & Millichap represented both parties in the transaction.
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