2851 Canyon Springs Pky - Freestanding FOR SALE


Riverside, CA 92507
$5,250,000 USD
877-300-4289
2851 Canyon Springs Pky, Riverside, CA for Sale
$5,250,000 USD
Freestanding - FOR SALE
1/37
null | 5.54% Cap Rate

2851 Canyon Springs Pky
Riverside, CA 92507


HIGHLIGHTS

  • Regional Power Center
  • Lots of Parking
  • Great Tenant History
  • In High Demand for Lease
  • 100% Leased
  • Surrounded by Several Great Anchors

OVERVIEW

The property sits along a busy corridor of the Interstate 60 with a Huge Pylon dedicated to this 2,000,000 +/- Square Foot Regional Retail Power Center, located at the Freeway Interchange of the I60 and the I215. This is the prime exit on the I60 coming from the east, and you can also come to the center from the south by exiting off the I215. This offering consists of two nationally branded tenants, including Verizon & GameStop, and one regionally branded tenant AhiPoki, and also Pho Ha which has more than one location. All tenants are on NNN leases, and all renewed their options, except AhiPoki (they are taking over Subway Space in July 2024, because Subway has no more options). The building is also well-suited for future leasing that can produce increase in rents over time. Brokers and tenants call regularly unsolicited, wanting to know if any leases are expiring soon so they can takeover the space. The entire power center is very low turnover, as landlord has only ever lost one tenant when Payless filed bankruptcy. Shadow Anchored by Target, the subject is Pad Building C located at the drive entrance to Target, known to be one of the most visited shopping destinations in the region. All tenants are seasoned at this location, except for AhiPoki, but even then AhiPoki has clientele in the area, because they used to be located across Day Street in the Lowes shopping center.

FOR SALE DETAILS

PRICE

$5,250,000 USD

PRICE/SF

$621 USD /SF

CAP RATE

5.54%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2004

SPRINKLERS

-

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.18 AC

LAND SF

51,401 SF

ZONING

C2

APN/PARCEL ID

291-600-041

ASK ABOUT THIS PROPERTY

Brad FreemanFreeman & AssociatesMore Info
877-300-4289

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Brad FreemanFreeman & AssociatesMore Info
877-300-4289

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.