Riverside’s Mission Grove Plaza, a prominent shopping center spanning 248,135 square feet, has successfully secured $37 million in financing. The CBRE’s Shaun Moothart, Bruce Francis, Doug Birrell, and Bob Ybarra worked on behalf of Regional Properties, a California-based private real estate investment and development company, to get this loan. This significant financing adds to CBRE’s track record of successful partnerships with Regional Properties, having already completed $90 million in finances over the past two years.
Navigating Capital Market Volatility
The financing of Mission Grove Plaza presented unique challenges, given the volatility in the capital markets. Despite these obstacles, the CBRE team demonstrated exceptional expertise in securing a fixed-rate, five-year term loan with full-term interest-only payments. Their ability to navigate through these extraordinary circumstances showcases their dedication and professionalism.
Expansion and Anchor Tenants
Mission Grove Plaza comprises 16 buildings and is a premier shopping destination in Riverside. One of its anchor tenants is Stater Bros. Markets, leasing an impressive 45,654 square feet of space within the center. Alongside Stater Bros., the plaza houses an additional 45 tenants, including renowned brands such as Galaxy Theaters, Bank of America, UPS, IHOP, and Romano’s Chicago Pizzeria. This diverse range of tenants contributes to the center’s vibrant atmosphere and attracts numerous visitors.
Enhancing Riverside’s Retail Landscape
The successful financing of Mission Grove Plaza is a testament to Riverside’s thriving retail landscape. The injection of $37 million will support the center’s expansion plans, allowing for further development and improvements. With its prime location at 121 – 383 E. Alessandro Blvd., the shopping center is in the city, offering convenience and accessibility to both residents and visitors.
The Role of Regional Properties
Regional Properties, the California-based private real estate investment and development company, played a pivotal role in securing the financing for Mission Grove Plaza. With their extensive experience and expertise in the industry, Regional Properties continues to contribute to the growth and development of the Riverside area. Their partnership with CBRE has yielded impressive results, showcasing their commitment to creating successful and sustainable real estate projects.
Economic Impact and Job Creation
The expansion and development of Mission Grove Plaza will positively impact Riverside’s economy. The infusion of funds will create job opportunities and stimulate local businesses. As the center grows and attracts more visitors, surrounding businesses will benefit from increased foot traffic and consumer spending, further strengthening the local economy.
Conclusion
The successful securing of $37 million in financing for Mission Grove Plaza marks a significant milestone in the development of Riverside’s retail sector. The collaboration between CBRE and Regional Properties demonstrates their ability to navigate challenging market conditions and deliver exceptional results. With the expansion and development plans, Mission Grove Plaza will further enhance Riverside’s retail landscape, providing residents and visitors with an outstanding shopping experience.
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