Riverside Entertainment Center Trades Hands
- Apr 01, 2016
Riverside, Calif.– University Village is the latest commercial real estate deal completed in the Inland Empire by CBRE-controlled National Retail Investment Group – West. The theater-anchored entertainment center was acquired by a China-based private investor from a partnership consisting of an L.A.-based venture. The $43.9 million transaction was arranged by a CBRE team that included Executive Vice President Philip D. Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer.
Located at 1201 University Avenue, University Village offers a total of 180,681-square-feet of space. With 1,000 linear feet of frontage along the I-215, the entertainment center occupies a 11.95-acre lot. The area is also home to the California State University at Riverside, a major intellectual hub for Inland Empire. The multi-level facility offers a 897-stall parking structure that was also part of the transaction, which according to the marketing team will provide “tremendous flexibility in executing future leasing and repositioning strategies at University Village.”
In terms of marketing, Voorhees noted that roughly 627 offering memoranda were distributed during the process. The team’s “managed bid” offer process sourced approximately a dozen offers for the purchase of the property. NRIG-West managed to arrange a transaction volume of around $940 million in 63 transactions, involving 88 properties that total roughly 16.8 million square feet of space.