IE Business Daily Business news for the Inland Empire.
A downtown Riverside strip mall has been sold for $3.6 million.
The 7,250-square-foot retail center at 3948-3964 University Ave. was purchased by an Orange County investor whose name was not released, according to Progressive Real Estate Partners in Rancho Cucamonga.
The seller was a Los Angeles investor who also wished to remain anonymous. The purchase price is about $503 per square foot.
Progressive negotiated the sale of two free-standing buildings in front of the center, which was recently remodeled and is occupied by six service and food businesses that range from 750 square feet to 1,750 square feet.
More than 30,400 people with an average household income of nearly $90,000 live within a five-minute drive of the retail center, which is also helped by the estimated 20,000 people who work in downtown Riverside on weekdays, according to the statement.
