Longpoint Buys Inland Empire Retail Asset
This is the first time the property has changed hands since its 1986 completion.
Longpoint has purchased Five Points Plaza, a 129,699-square-foot retail center in Riverside, Calif., for $31 million. McKelvey Construction sold the property, according to Yardi Matrix information.
This is the first time Five Points Plaza has traded since its 1986 completion. JLL Capital Markets arranged the deal on behalf of the buyer.
The Inland Empire recorded $261 million in retail investment sales year-to-date through October, with 32 assets changing hands at an average $238.18 per square foot, Yardi Matrix information shows. Last year’s investment figure during the same period amounted to $483 million, with 33 properties trading at an average price of $167.62 per square foot.
A Riverside retail center
The retail center is at 4652-4822 La Sierra Ave., near California State Route 91 and Interstate 15, some 10 miles southwest of downtown Riverside.
Anchored by Stater Bros. Markets, Del Taco, Jack in the Box and Dollar Tree, the property has a mix of tenants including Con Madre Restaurant, Sierraview Dental Care and Sierra Nail. The Stater Bros. store is one of the chain’s highest-performing locations, according to JLL.
The firm’s Managing Director Daniel Tyner, together with Senior Managing Directors Gleb Lvovich and Geoff Tranchina, led the Investment Sales and Advisory team that represented the buyer. The same brokers assisted Longpoint earlier this year as well with the purchase of Grand Covina Plaza.
Current retail market trends show the overall activity has slowed down across the sector after a significant post-pandemic growth. Investors are adjusting to higher financial costs and shifts in consumer patterns, increasingly turning to necessity-based retail centers and grocery-anchored properties.
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