IE Business Daily Business news for the Inland Empire.
One of the Inland Empire’s premiere retail locations is up for sale.
University Village, at the northeast corner of University and Iowa avenues, is on the market for $46 million, according CBRE Group Inc., which is marketing the property.
Described as a “one of a kind” trophy asset, the property sits at the entrance to UC Riverside. and has a six-story parking structure. More than 163,000 vehicles pass by the site every day, according to CBRE.
The property, which is next door to the 548-bed University Village student housing complex, is close to 100 percent leased. Most of the tenants have annual rate increases that are expected to increase the project’s operating income by more than $1.3 million over 10 years, according to CBRE.
