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RIVERSIDE, CALIF. — Progressive Real Estate Partners has negotiated the sale of a retail strip center located at 3948-3964 University Ave. in the Inland Empire city of Riverside. A Los Angeles-based seller sold the asset to an Orange County-based private investor for $3.6 million, or $503 per square foot.
Fully leased to six tenants at the time of sale, the 7,250-square-foot property offers suites ranging from 750 square feet to 1,750 square feet. The asset was recently remodeled.
Greg Bedell of Progressive Real Estate Partners represented the seller, while Girges Gad of Pacific Realty & Finance represented the buyer in the transaction.