Grocery-Anchor Demand in Inland Empire at Record High
The Inland Empire is becoming a core market in California, with demand never higher than now, driven by strong growth and affordability. Two sites involving grocery-store-anchored shopping centers bear that out.
Five Points Plaza, a 129,699 square-foot, grocery-anchored retail center in Riverside, was sold for $31 million to Longpoint in a deal brokered by JLL Capital Markets.
The seller was a private family that originally developed the center. It is the property’s first sale since its original development in 1986.
Five Points Plaza is strategically located at 4652-4822 La Sierra Ave., near the intersection of SR-91 and I-15, with recreational amenities surrounding the area, including parks, Hidden Valley Golf Club, Harvest Riverside Airport and Lake Matthews.
"Multiple family members previously owned the asset, and it was ultimately sold because the market demand for grocery-anchored retail is at an all-time high,” Daniel Tyner, managing director, JLL Capital Markets, told GlobeSt.com.
“The buyer saw Five Points as a great opportunity to acquire a well-performing grocery-anchored center in an infill market of Southern California.”
Located along this major thoroughfare, Five Points Plaza provides excellent visibility and accessibility for the diverse tenant mix, among its 319,190 residents. Collectively, its population holds a median household income of $88,575 and a relatively young median age of 31.3 years.
The community maintains a significant Hispanic and Latino population, creating a diverse consumer base.
This demographic profile supports strong retail performance in the market, contributing to the shopping center's sustained success over nearly four decades, according to JLL.
Five Points Plaza is anchored by a top-performing Stater Bros location alongside Del Taco, Jack in the Box, Dollar Tree and additional shop tenants.
Over its nearly four-decade operating history, Stater Bros grocery anchor has represented one of the chain’s highest-performing locations.
Tyner and senior managing directors Gleb Lvovich and Geoff Tranchina worked on the deal for JLL.
About 25 miles east of Five Points Plaza, Nadel Architects officially broke ground on Nov. 10 on Oak Valley Village, a new 280,000-square-foot, Target-anchored shopping center on a 29-acre site at Oak Valley Parkway and the southeast corner of I-10 in Beaumont. The development, designed for Regency Centers, will feature a mix of daily-use retail and dining, creating a convenient, community-focused destination for residents at the convergence of Highways 10, 60 and 79.
The project’s completion is anticipated in the next few years.
Source: GlobeSt/ALM