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Nichols Land Development Acquires Canyon Crossing Retail Center In Riverside For $39.1M

Property Image
SOLD
$39,100,000

California

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Retail295,949 SF
Sold 09/18/2024
the dealdetailscomps
Property Image
SOLD

Nichols Land Development Acquires Canyon Crossing Retail Center In Riverside For $39.1M

2550 Canyon Springs Parkway

See Similar Deals
Retail295,949 SF
Sold 09/18/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$132
Total Square Footage:295,949 SF
Transaction Type:Sale

The asset involved in this transaction is a retail property located at 2550 Canyon Springs Parkway in Riverside, California. The property consists of 295,949 square feet and was sold for $39,100,000, resulting in a price per square foot of $132. The asset is currently 75% occupied and has undergone a rezoning process, opening up potential redevelopment opportunities for a hotel or apartments.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $39,100,000
  • Buyer: Nichols Land Development
  • Seller: William Hutchinson - Dunhill Partners
  • Broker: Cushman & Wakefield
  • Square Footage: 295,949
  • Price per Square Foot: $132
  • Market: Riverside

The deal involved an investment group likely associated with Nichols Land Development purchasing the Canyon Crossing retail center, which was under financial strain due to a $39.85 million CMBS loan. The property previously belonged to Dunhill Partners, marking a significant shift in ownership with potential future development in mind.

Details

SOLD
IMAGE: William Hutchinson DATE: 09/18/2024 ADDRESS: 2550 Canyon Springs Parkway MARKET: Riverside ASSET TYPE: Retail BUYER: Nichols Land Development SELLER: William Hutchinson - Dunhill Partners BROKER: Cushman & Wakefield (@CushWake) SALE PRICE: $39,100,000 SF: 295,949 ~ PPSF: $132 NOTE: An investor group, likely tied to Nichols Land Development, purchased the 295,949-square-foot Canyon Crossing retail center in Riverside, Calif., for $39.1 million, resolving a troubled $39.85 million CMBS loan. The property, previously owned by Dunhill Partners, is 75% occupied and has been rezoned for potential redevelopment into a hotel or apartments.

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