The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
January 16, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Inland Empire Office Building Trades for Over $20 Mil

12/14/18

In a recent Inland Empire office acquisition, Montclair-based De Anza Land and Leisure Corp purchased Center Tower Riverside, a five-story, 73.6k sf Class A building in Riverside, for $20.66 mil ($281/sf). The property was sold by Irvine-based CIP Real Estate.

Built in 1987, the property is situated on just over an acre at 3880 Lemon St, south of Hwy 60 and just west of the 91 Fwy. In 2017, a major renovation was completed valued at a more than $3 mil, which included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping.

At the time of sale, Center Tower was 94% occupied by 11 tenants including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates, Reid & Hellyer. The property also features 248 parking stalls in an adjacent four-level parking structure.

John Ewart and John Daciolas with Newmark Knight Frank represented the buyer in the deal. The seller was repped by CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo.

“Downtown Riverside has historically been home to a significant amount of government offices which has resulted in a high office occupancy rate here even in a down economic cycle,” said Ewart. “My client was attracted to the stability of this area and plans a long-term hold on this quality asset.”




Return to the previous page
 
 
 
 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media