Merlone Geier Partners has acquired Magnolia Tyler Center, a 182,653-square-foot, value-add shopping center anchored by Aldi, Bob’s Discount Furniture, Big Lots and Bed Bath & Beyond in Riverside, Calif.
The sales price was $39.4 million.
JLL Capital Markets marketed the property on behalf of the seller, a private family that has owned the property for more than 50 years.
“Investors are looking ahead beyond the COVID-19 pandemic and are expecting strong tenant demand and rent growth as the economy continues to reopen to a very well-capitalized consumer base,” said Gleb Lvovich, a managing director at JLL Capital Markets.
Magnolia Tyler Center is anchored by Aldi, the third-largest supermarket chain in the United States by store count. Currently 83 percent leased, the property created a value-add opportunity for the buyer to increase income through lease-up and future rent growth. The center is also home to a diverse mix of daily needs, national
