Grocery-anchored retail center in Riverside sells for $39.4M
JLL Capital Markets completes the sale of a value-add shopping center in a primary retail node in Southern California
NEWPORT BEACH, Calif., May 7, 2021 – JLL Capital Markets announced today that it has closed the $39.4 million sale of Magnolia Tyler Center, a 182,653-square-foot, value-add shopping center anchored by Aldi, Bob’s Discount Furniture, Big Lots and Bed Bath & Beyond in Riverside, California.
Magnolia Tyler Center is anchored by Aldi, the third largest supermarket chain in the U.S. by store count. Currently 83% leased, the property created a value-add opportunity for the buyer to increase income through lease up and future rent growth. The center is also home to a diverse mix of daily needs, national and local retailers, including Starbucks, Olive Garden and America’s Tire, among others.
Situated across from the Tyler Galleria Mall, which provides strong cross shopping to the existing tenants, Magnolia Tyler Center is at 3650-3790 Tyler St. at the southwest corner of Magnolia Avenue and Tyler Street, exposing the property to more than 63,000 vehicles per day. The center is adjacent to the 91 Freeway, which connects Orange County to the Inland Empire and pulls from a densely populated trade area that includes more than 260,000 residents within a five-mile radius. Additionally, the property’s Riverside County location places it in the fastest-growing county in California.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich and Director Daniel Tyner.
“Investors are looking ahead beyond the COVID-19 pandemic and are expecting strong tenant demand and rent growth as the economy continues to re-open to a very well capitalized consumer base,” Lvovich said.
“Magnolia Tyler Center’s immediate value-add potential created a unique opportunity for investors and proved that the demand for grocery-anchored centers is as strong as ever,” Tyner added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Merlone Geier Partners
Merlone Geier Partners is a vertically integrated and regionally focused firm. The firm invests in West Coast retail properties and actively perform its own leasing, property management, construction management, design and capital formation.