Retail properties sell for $20.7 million

Five retail parcels in Riverside have been sold for $20.7 million.

The properties cover nearly 26,000 square feet at Citrus Landing, a recently remodeled 125,000-square-foot neighborhood shopping center, according to Hanley Investment Group in Corona Del Mar.

The properties are at Van Buren Boulevard and Arlington Avenue and are occupied by Chick-fil-A, Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union and a multi-tenant pad building occupied by Panda Express, Café Bottega and Pacific Dental.

Hanley Investment Group represented the seller, a private investor in San Diego.The buyer was a Los Angeles private investor.

All of those parcels are near a Stater Bros. supermarket, Ross Dress For Less, AutoZone and KFC. Those properties, which were not part of the sale, cover nearly 100,000 square feet.

“The buyer’s acquisition represented a unique opportunity to acquire five outparcels within a newly renovated, high-performing grocery-anchored shopping center, featuring best-in-class anchor tenants in a densely populated Southern California submarket,” said Kevin Fryman, executive vice president with Hanley Investment Group, in a statement. “All five pad buildings are on separate parcels, offering multiple exit strategies for the buyer.”