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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
