Anchored by Burlington Coat Factory, the plaza has 11 tenants, such as Roadhouse Grill, Wells Fargo and H&R Block. Pete Bethea, senior vice president with Burnham Real Estate who represented both the buyer and the seller, says that Kimco has no plans to retenant or refurbish.
Bethea represented WCP Riverside a few years ago when the company initially acquired Tyler Street Plaza. He says that then the property had vacancies and that WCP brought the plaza to full occupancy.
According to Bethea, Kimco was drawn to the Riverside market's retail corridor. He also tells GlobeSt.com that the company "likes the asset's long-term prognosis."
The property is located at 3870 Tyler St., approximately a quarter-mile from the Riverside Galleria, which is currently undergoing refurbishment. Anchored by Nordstrom, the Galleria tenants high-end retailers, and according to Bethea, will benefit Tyler Street Plaza once rehabbing is complete.
The City of Riverside is currently experiencing rapid residential and retail growth. A recent report by Marcus and Millichap revealed that Riverside was the sixth strongest retail market in the nation for the second consecutive year in 2005.
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