RIVERSIDE, CA—University Village, a 180,681-square-foot non-core, multi-level, theater-anchored entertainment center here, has been purchased for $43.89 million by a Chinese -based private investor.

CBRE's retail investment experts Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer, represented the seller, a Los Angeles-based partnership. The price represented a 6.2% cap rate.

The buyer was represented by a cooperating broker, and purchased this property as an addition to its portfolio. Situated on 11.95 acres and 1,000 linear feet along I-215, University Village is located in the heart of Riverside, at the gateway to the University of California Riverside (UCR), which serves as the primary commercial downtown area for the college community.

Voorhees, and EVP with CBRE, said the firm's National Retail Investment Group – West team completed the sale.

“This transaction was an excellent result for both seller and buyer,” said Voorhees. “The 897-stall, 6- level parking structure was included in this sale, providing the new ownership with tremendous flexibility in executing future leasing and repositioning strategies at University Village.”

According to Voorhees, the CBRE team's marketing system distributed more than 627 offering memoranda to investors and brokers, and through the team's “managed bid” offer process, generated more than a dozen offers to purchase the property.

“The University of California Riverside is the ultimate anchor for University Village. In fact, the new purchaser graduated from UCR and possesses a thorough understanding of the asset. We expect great future results at University Village, and the seller group is pleased with pricing that exceeded expectations and is a high water mark for a two-level project of this size and quality in the Inland Empire,” said Voorhees.

In 2015, the NRIG-West team was CBRE's #1 retail investment sales team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than 16.8 million square feet in size. In total, the NRIG-West team has listed and sold more than $9.3 billion in retail transactions. Select NRIG-West team listings include Brea Center in Brea, CA., listed for sale for $20,750,000; Mountain Green Shopping Center in Upland, CA, listed for sale for $35,248,000, and Victoria Gateway Center in Rancho Cucamonga, CA., offered for sale for $40,750,000.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm in terms of 2013 revenue.

RIVERSIDE, CA—University Village, a 180,681-square-foot non-core, multi-level, theater-anchored entertainment center here, has been purchased for $43.89 million by a Chinese -based private investor.

CBRE's retail investment experts Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer, represented the seller, a Los Angeles-based partnership. The price represented a 6.2% cap rate.

The buyer was represented by a cooperating broker, and purchased this property as an addition to its portfolio. Situated on 11.95 acres and 1,000 linear feet along I-215, University Village is located in the heart of Riverside, at the gateway to the University of California Riverside (UCR), which serves as the primary commercial downtown area for the college community.

Voorhees, and EVP with CBRE, said the firm's National Retail Investment Group – West team completed the sale.

“This transaction was an excellent result for both seller and buyer,” said Voorhees. “The 897-stall, 6- level parking structure was included in this sale, providing the new ownership with tremendous flexibility in executing future leasing and repositioning strategies at University Village.”

According to Voorhees, the CBRE team's marketing system distributed more than 627 offering memoranda to investors and brokers, and through the team's “managed bid” offer process, generated more than a dozen offers to purchase the property.

“The University of California Riverside is the ultimate anchor for University Village. In fact, the new purchaser graduated from UCR and possesses a thorough understanding of the asset. We expect great future results at University Village, and the seller group is pleased with pricing that exceeded expectations and is a high water mark for a two-level project of this size and quality in the Inland Empire,” said Voorhees.

In 2015, the NRIG-West team was CBRE's #1 retail investment sales team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than 16.8 million square feet in size. In total, the NRIG-West team has listed and sold more than $9.3 billion in retail transactions. Select NRIG-West team listings include Brea Center in Brea, CA., listed for sale for $20,750,000; Mountain Green Shopping Center in Upland, CA, listed for sale for $35,248,000, and Victoria Gateway Center in Rancho Cucamonga, CA., offered for sale for $40,750,000.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm in terms of 2013 revenue.