CONSTRUCTION: Riverside Plaza is under new management.
By Kate Weggeland, Staff Writer
The local Riverside Plaza was put up for sale and purchased by Vestar.
Vestar, a large corporate real estate business, hopes to revamp the Plaza after under-performing businesses have left storefronts vacated.
The previous owners of 20 years, Westminster Funds, reconstructed and designed the Riverside Plaza from a closed mall to an open-air mall.
These renovations occurred within the past decade, bringing in much revenue and large-name businesses within the first stages.
The Greater Riverside Chambers of Commerce has played a major role in the past by testifying as well as supporting the businesses located in Riverside Plaza. “The Chamber will continue building relationships within the region to make the businesses as successful as possible,” Cindy Roth, member of the Greater Riverside Chambers of Commerce, explained.
Many of the Plaza’s tenants have gone out of business, leaving the empty and unappealing storefronts an eyesore to passersby. Some of the vacant shops once included a Quiznos, Coffee Bean and Citrus City Grille.
Borders, a once-huge asset to the Plaza, was also affected as a result of the recession and forced to close.
Forever 21’s lease will be up this September, as well as those of other stores.
“The new owner brings a strong portfolio within the retail industry. We look forward to working with the new owners of the Plaza,” Roth said.
Vestar, one of 20 of the original bidders on the mall, was rumored to have purchased the Plaza for upwards of 80 million dollars.
Vestar plans to supervise and oversee the management of the Plaza. Including leasing oversight, marketing supervision and refinancing assistance, the new owners have big visions for the little town center.
The Plaza is Riverside’s oldest shopping center.
Built in the 1950s, it included community favorites like Bob’s Big Boys, Swenson Ice Cream, The Tinderbox Cigar Shop, Little Professor Book Store and Orange Julius. With those stores long gone, the Plaza searches for new tenants under the new management of Vestar.
Photo by Chase Ballard/The Poly Spotlight