Matthews™ Serves as Development Advisor to Seller in $20M Mission Grove Plaza Sale

RIVERSIDE, CA—Matthews™, a commercial real estate investment services and technology firm, served as development advisor to the seller in the disposition of Mission Grove Plaza, a 7.5-acre development site located at 375 E Alessandro Boulevard in Riverside, CA. Matthews™ Executive Vice Presidents Stew Weston and Rosie Cooper guided the development strategy throughout the transaction.

Originally marketed as a fully entitled 9.97-acre development opportunity for 347 residential units, the property’s strategy evolved through the advisory process as a lower-density townhome concept emerged as a more compelling use for the site. Drawing on $3.5 billion of development experience, Matthews™ approached Mission Grove Plaza from a developer’s perspective, bringing an ownership mindset to the site’s entitlement strategy, site planning, design efficiency, development potential, and underlying economics. This approach helped Matthews™ identify opportunities to reposition the site, provide strategic guidance as the development plan evolved, and ultimately help the seller maximize the property’s value.

The buyer ultimately identified a 180-unit townhome community as the preferred development strategy. During escrow, the site was re-entitled through a substantial conformance process to accommodate the new development plan.

“The City of Riverside was an excellent partner throughout the process, and the buyer’s discipline in navigating the substantial conformance process during escrow made for a seamless closing,” Cooper said. “We are looking forward to seeing the vertical construction commence shortly. The project will be a meaningful addition to the Mission Grove community.”

The property is strategically positioned along Alessandro Boulevard near Mission Grove Parkway, offering convenient access to I-215 and connectivity throughout Riverside and the broader Inland Empire. Nearby employment and retail destinations include March Air Reserve Base, Moreno Valley Mall, and downtown Riverside, with nearly 800,000 jobs located within a 20-mile radius. Strong surrounding demographics further support the location, with average household incomes exceeding $145,000 within two miles of the property.

For more information, please contact Stew Weston and Rosie Cooper or visit www.matthews.com.

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.