Wolfsen Entities Acquires Retail Property On Lakeshore Dr. In Riverside For $8.5M

The property involved in this transaction is a retail asset located at 16491 Lakeshore Dr. in Riverside. The transaction took place on 07/27/2021. The property covers an area of 17,272 square feet, with a price per square foot of $492. The sale price for the property was $8,500,000, resulting in a capitalization rate of 6.3%. The buyer of the property was Wolfsen Entities, represented by Donald Skinner. The seller of the property was Khasigian Properties L.P., represented by Arman Khasigian. Jeremy Reed, from ARC Properties, Inc., acted as the buyer's representative.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $8,500,000
• Address: 16491 Lakeshore Dr.
• Market: Riverside
• Buyer: Wolfsen Entities - Donald Skinner
• Seller: Khasigian Properties L.P. - Arman Khasigian
• Seller's Representative: Luc Hawkshaw & Eric Mandell
• Buyer's Representative: Jeremy Reed - ARC Properties, Inc.
• SF: 17,272
• PPSF: $492
• CAP: 6.3%

Ally Commercial Real Estate successfully sold the property for over a million dollars more than what the seller had purchased it for in August 2020.

Contact Ally Commercial Real Estate today at 424-317-0308 or via email at [email protected] for more information.