A private investor purchased the bank branch building at 10355 Magnolia Ave. in Riverside, CA for $5 million, or about $812 per square foot, from Remarc Management, Inc.
Built in 1987, the retail property totals 6,160 square feet on 0.21 acres, part of the Michael's Plaza shopping center located at the northwest corner of Magnolia Ave. and Tyler St., across from the Galleria at Tyler Mall.
The branch is fully leased to Chase Bank on a triple-net basis through November 2017.
Edward Hanley, Bill Asher and Kevin Fryman of Hanley Investment Group represented the seller. George Ragheb of Entrance Homes, Inc. represented the buyer.
Please refer to CoStar COMPS #2642494 for more information on the transaction.