Genuine Parts Company’s NAPA Auto Parts to Open at Van Buren Plaza in Riverside, CA

TUSTIN, CA - Kensington Real Estate Group of Tustin announced today Genuine Parts Company of Atlanta, GA, the parent company of NAPA Auto Parts, has executed a long-term lease for 6,300 square feet at Van Buren Plaza in Riverside, CA.

“This is the first of six or seven NAPA Auto Parts locations in Riverside County that Genuine hopes to open over the next 12-24 months,” said Patrick Galentine, president of Kensington Real Estate Group. It's also the first national credit tenant signed by Kensington since the company acquired the property just two months ago for approximately $15,000,000.

Located just south of the intersection of Van Buren and Arlington, in the heart of one of Riverside's main retail corridors, Kensington acquired the 95,000 square-foot Van Buren Plaza with the intention of renovating and retenanting the shopping center after the prior owner allowed the property to fall under disrepair through years of neglect.

"Leasing interest at the project has been extraordinary, and the execution of a lease by a tenant of this magnitude within 60 days of acquiring the property is a testament to the quality of the project and the trade area,” Galentine noted. "The support from the City of Riverside and the community has been outstanding, and we couldn't be more pleased with our progress to date.”

Kensington is presently negotiating with numerous other regional and national tenants for space at the center. The renovation, which includes painting, stone facade additions, landscaping upgrades, and various other improvements is anticipated to be complete in the fall 2005. NAPA Auto Parts is expected to open August 2005.

Coreland Companies of Tustin is the exclusive leasing and marketing agent for Van Buren Plaza. Matt Hammond is handling the leasing for Coreland. Eric Knirk at Fremont Associates of Los Angeles represented Genuine Parts Company in the lease transaction. Coreland is also handling the construction management for Van Buren Plaza’s renovation.

Kensington Real Estate Group of Tustin has acquired over $200 million of retail, office and multi-tenant industrial property since inception in 1999, and continues to seek value added commercial real estate opportunities throughout the Western United States.