Hanley Investment Group Arranges $20.78 Million Sale of Five Retail Outparcels at Citrus Landing in Riverside, CA
RIVERSIDE, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage specializing in retail property sales, has successfully arranged the $20,775,000 sale of five retail outparcels totaling 25,916 square feet at Citrus Landing, a newly remodeled, 100%-leased, grocery-anchored shopping center in Riverside, California.
Strategic Off-Market Sale of Fully Leased Grocery-Shadow Anchored Properties Highlights Investor Demand
Hanley Investment Group’s Executive Vice President Kevin Fryman and President Ed Hanley represented the seller, a private investor from San Diego, California. The buyer, a private investor from Los Angeles, was represented by Art Flores, Senior Vice President at CBRE in Newport Beach.
“We secured an all-cash 1031 exchange buyer through a long-standing broker relationship, closing this off-market transaction efficiently,” said Fryman.
High-Performing Retail Location in the Inland Empire
Citrus Landing is anchored by Stater Bros. Markets, one of Southern California’s leading grocery chains, alongside Ross Dress for Less, AutoZone, and KFC, which collectively occupy 98,988 square feet (not included in the sale).
The five freestanding pad buildings included in the transaction span 5.46 acres and feature a strong lineup of national and regional tenants, including:
- Chick-fil-A (opened Q1 2024)
- Carl’s Jr.
- Quick Quack Car Wash
- Arrowhead Credit Union
- A multi-tenant pad with Panda Express, Café Bottega, and Pacific Dental
Strategic Investment Opportunity with Multiple Exit Strategies
“This acquisition provided a rare opportunity to purchase five outparcels within a recently renovated, high-performing, grocery-shadow anchored shopping center in a densely populated Southern California submarket,” said Fryman. “All five properties sit on separate legal parcels, offering the buyer flexible exit strategies and strong long-term investment potential.”
Prime Inland Empire Location with Strong Traffic & Consumer Demand
Citrus Landing benefits from high visibility and strong traffic counts at the signalized intersection of Van Buren Boulevard and Arlington Avenue (53,848 and 22,089 vehicles per day, respectively). Located just two miles north of the Riverside Freeway (CA-91), the center enjoys exposure to 212,000 vehicles daily at the Van Buren Boulevard interchange.
According to Placer.ai, Stater Bros. at Citrus Landing ranks in the top five busiest locations out of 166 stores tracked, with 1.1 million annual customer visits and placement in the 97th percentile for foot traffic company-wide.
Nearby national and regional retailers within one mile include:
- Walmart Supercenter
- Food 4 Less
- Cardenas Markets
- El Super
- Rite Aid
- dd’s Discounts
Retail Investment Market Continues Strong Momentum
“Investor demand for grocery-anchored and grocery-shadow anchored retail properties remains strong,” noted Fryman. “The success of this sale, combined with our recent transactions and properties currently in escrow, underscores the resilience of well-located retail assets with strong tenant fundamentals. Private and institutional investors continue to seek out single-tenant net lease (STNL) and multi-tenant strip centers, attracted by the traffic-driving power of grocery tenants and the potential for rent growth that many grocer leases lack.”
About Hanley Investment Group
Celebrating 20 years of excellence, Hanley Investment Group Real Estate Advisors is a nationally recognized retail investment brokerage firm specializing in the sale of grocery-anchored shopping centers, single-tenant net lease (STNL) properties, and multi-tenant retail assets across the U.S. With a track record exceeding $11.5 billion in transactions, Hanley Investment Group delivers tailored investment solutions, property-specific marketing strategies, and unparalleled market expertise to maximize value for clients.
For more information, visit www.hanleyinvestmentgroup.com.