Central Plaza, a mixed-use retail and office property located at 3590-3630 Central Ave. in Riverside, has been listed for sale with an asking price of $23 million, which equates to approximately $206 per square foot. The property encompasses 111,382 square feet of building space on a 5.06-acre site and offers 439 surface parking spaces, amounting to a ratio of four parking spaces per 1,000 square feet.
CBRE is managing the sale on behalf of the property owner, University of Redlands. Central Plaza is currently 96 percent occupied and generates a steady income stream, with potential for further value creation due to leases set to expire within the next 12 to 18 months. According to the marketing flyer, this provides an opportunity for an owner-user to occupy up to 50 percent of the property while still benefiting from rental income to offset debt service.
Originally built in 1968 and renovated in 2018, Central Plaza benefits from its location along heavily trafficked Central Avenue, which sees 32,200 vehicles daily, and provides direct access to the 91 Freeway, used by 89,800 vehicles per day. In addition, the property is located less than four miles from multiple freeway interchanges, ensuring connectivity between the Inland Empire and neighboring Orange and Los Angeles Counties.
Based on the flyer, the property spans over five acres, presenting a low site coverage ratio and a range of redevelopment opportunities. Located in the Magnolia Center neighborhood, Central Plaza is positioned within one of Riverside’s major commercial hubs. The property is also less than three miles from Riverside’s downtown and in close proximity to the University of California, Riverside (UCR), ranked 36th among Top Public Universities in the country by U.S. News and World Report. UCR reportedly enrolls approximately 23,000 students and generates an economic impact of nearly $3 billion annually.
Meanwhile, Riverside Municipal Airport is four miles from the property, making it convenient for business travelers. CBRE’s team, comprising Sammy Cemo, Austin Reuland and Bryan Johnson, is overseeing the marketing and sale of Central Plaza.
According to CBRE Econometric Advisors, the Inland Empire maintains the lowest office vacancy rate in the U.S. for the fifth consecutive quarter, at 8.5 percent as of Q2 2024. Meanwhile, the retail sector continues to experience tightening availability, with the Inland Empire’s West End submarket reporting a 7.3 percent availability rate in Q4 2024, the third lowest among submarkets in the region.
Riverside has also experienced employment growth, with total employment increasing at an average annual rate of 2.3 percent over the past five years, compared to the national average of 1.0 percent. During the same period, office employment alone grew by 2.5 percent annually, further adding to the demand for mixed-use properties.
