Hanley Investment Group Real Estate Advisors brokered the acquisition of five retail outparcels from Paragon Commercial Group at Citrus Landing, a newly remodeled, 100%-occupied, 124,904-square-foot grocery-anchored neighborhood shopping center located in Riverside.
EVP Kevin Fryman and president Ed Hanley represented the 1031 exchange buyers, private investors from San Diego and Newport Beach. Paragon Commercial Group was represented by REZA Investment Group Inc. of Irvine.
Fryman said, “Our clients had previously sold industrial land and we identified this retail investment opportunity to fulfill their 1031 exchange objectives. We negotiated a 16-day escrow, including a six-day contingency period, providing Paragon with surety of closing.”
The five exterior pad and outparcel buildings encompass 25,916 square feet on 5.46 acres. They house national and regional tenants, including Chick-fil-A, Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union and a multi-tenant pad building featuring Panda Express, Café Bottega and Pacific Dental.