IE Business Daily Business news for the Inland Empire.
A neighborhood retail center in Riverside has been sold.
Tyler Village, an eight-building development near Galleria at Tyler, sold for $13 million, according to Faris Lee Investments, which represented both parties in the transaction.
The sale was announced Monday.
The buyer and seller were identified only as private investors in based in Northern and Southern California respectively. The project, which covers 91,500 square feet, was 78 percent occupied at the time of sale.
Shortly before the sale was completed, Faris Lee helped secure a lease agreement with Hibachi Grill, a Chinese buffet restaurant that will occupy 12,200 square feet at Tyler Village. The restaurant is expected to open for business later this year.
That lease added “significant value” to the sale price, said Christ Tramontano, a director with Faris Lee and one of the brokers who negotiated the transaction, in a statement.
Tyler Village is at 10236 Indiana Ave., next to the 91 Freeway. Nearly 200 vehicles pass by the site per day, according to the statement.
