BEVERLY HILLS, CA / ACCESSWIRE / July 26, 2021 / Today Nine Oak Investments, an affiliate of StarPoint Properties, a real estate investment and operating company founded in 1995, announced it has purchased the Central Medical Building, located at 4100 Central Avenue, Riverside, CA, 92506. The 16,000 square feet building is situated on a 1.16 acre plot of land located at the intersections of Central, Brockton and Magnolia avenues near the Magnolia Center neighborhood.
"This is a great asset on a great intersection in a growing submarket of Riverside. Besides the stable current tenancy, we see great redevelopment potential down the line suitable for a wide variety of uses that would benefit the local community," said Even Farahnik, Managing Principal of Nine Oak Investments.
Currently the building has six tenants which primarily include medical offices and retail. The Magnolia Center neighborhood where the property is located is an important commercial hub of Riverside, often called the second downtown. There are nearly 16,000 residents in the 2.5 square acres within Magnolia Center, and the property is less than a 10 minute drive to downtown Riverside on State Highway 91, so the acquired property is in a prime location for commercial activities.
The Magnolia Center neighborhood is also experiencing economic growth, as the future of the corridor was envisioned for mixed-use neighborhood and mixed-use village land uses along portions of Brockton and Magnolia Avenues. Implementation of these plans will revitalize Magnolia Center, while preserving the character of the surrounding areas.
The neighborhood offers a wide variety of recreational opportunities with numerous public facilities, such as parks and community centers, and residents' education needs can be met by the many public and private schools in the area. Riverside is home to the University of California, Riverside and Riverside City College, and has easy access to several other colleges and universities in the region.
ABOUT STARPOINT PROPERTIES
StarPoint Properties is a real estate investment and operating company with a 25 year track record of delivering exceptional market returns to its investors by focusing on the acquisition, development and redevelopment of under-valued multifamily and commercial properties. The primary goal of the firm is to deliver asymmetrical risk-adjusted returns and to outperform most other alternative investment vehicles. StarPoint Properties is located at 433 N. Camden Drive, Suite 1000 in Beverly Hills, CA 90210. For more information, visit www.starpointproperties.com or email info@starpointproperties.com.
SOURCE: StarPoint Properties
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