Established on the signalized corner location near the University of California, Riverside the University Heights Shopping Center was a rare Riverside County value-add investment. This unique property was acquired in 2017 and has a unique blend of tenants many of which are seasoned. The property holds strong retail fundamentals with excellent ingress/egress as well as 500 feet of frontage, is adjacent to Interstate 215 & U.S. Route 60, and is located less than a mile away from the University of California, Riverside.
Riverside is the most populous city in the Inland Empire and the 12th most populous city in California with population counts exceeding 205,000 people within a 5-mile radius making this acquisition a strong investment.
During the hold period of just 18 months, the OneV team was able to bring the majority of tenant rents to market rates. The team elected to put the property on the market for sale and generated multiple offers during the marketing period. After securing an all cash, 1031 exchange Buyer and a successful escrow, the property generated an annualized return on equity of 23.72%.