CBRE Arranges $37 Million in Financing for Riverside Shopping Center

CBRE has secured $37 million in financing for Mission Grove Plaza, a 248,135-sq.-ft. shopping center at 121 – 383 East Alessandro Blvd., in Riverside, Calif.

Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra with CBRE Capital Markets' Debt and Structured Finance team secured the fixed-rate, five-year term, full-term interest-only loan on behalf of Regional Properties, a California-based private real estate investment and development company.

"The financing of this shopping center adds to the $90 million in financing CBRE completed for Regional Properties along with a global institutional lender in the last two years," said Mr. Moothart. "The entire team did a superb job navigating through extraordinary challenges amidst the volatility in the capital markets."

The 16-building shopping center is anchored by Stater Bros. Markets, which leases 45,654 sq ft. (18% of the net rentable area). The center has 45 other tenants, including Galaxy Theaters, Bank of America, UPS, IHOP and Romano's Chicago Pizzeria.

Originally developed by Regional Properties in 1986, the center has undergone renovations throughout its four decades of operation, most recently in 2000. The property is on 32.36 acres on the southeast corner of Alessandro Blvd and Trautwein Road.

According to CBRE research, Riverside has Inland Empire's lowest vacancy among shopping centers. This is evident by the Mission Grove Plaza's strong occupancy, and it will be boosted by EOS Fitness occupying a 32,000 sq. ft. space in Q1 2024 after its buildout is complete.