Jason Griffith, CCIM with NAI Excel, sold Rio Plaza at 558 East Riverside Drive to a 1031-investor. Griffith, the buyer and NAI will continue with leasing and property management. Rio Plaza is a 32,232 SF retail-office development with 18-tenants.
Built in 2007, Rio Plaza’s largest tenant is BeHot Yoga. The investment sale yielded nearly an 7.5% CAP rate (capitalization rate) based on 2016’s projected Net Operating Income. This is the third time Griffith has sold this investment property; Griffith represents investors with investment acquisitions in Utah and throughout the United States.
