RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million.
Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease.
Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsand Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.