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November 29, 2022
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Private Investor Pays $250/sf for Riverside Office Building

3/08/22

An Orange County-based family trust paid $10.17 mil for a 40.5k sf ($251/sf), multi-tenant office building in Riverside. Located at 11870 Pierce St, the building features high-image office finishes, and exterior amenities including water features and walking trails.

The office building is 92% leased with the two remaining vacancies being move-in ready. Tenants include Stewart Title, TK1SC and the property’s largest and newest tenant, Kaiser Permanente, which occupies 32% of the space with a seven-year lease signed in 2020.

The building’s location provides immediate access to Highway 91 along with 115 restaurants, five hotels, eight fitness centers and 29 banks and ATMs within three miles of the offices. The property also sits near the Interstate 15/Highway 91 interchange, Downtown Riverside and the Galleria at Tyler.

Sammy Cemo, Anthony DeLorenzo, Gary Stache and Bryan Johnson of CBRE Capital Markets represented the seller, Pacifica Real Estate, in the transaction.

“The property generated a tremendous amount of activity from the private capital community due to the strength of tenants, the highly desirable West Riverside location and the quality of the real estate,” said Cemo. “Even with COVID-19 headwinds, the Inland Empire has proven its resiliency with continued leasing activity from strong tenants, and new private capital has started to notice.”

Riverside is ranked the number one top tier office investment market in Southern California over the next two years, with office rents projected to grow 5.6% in that time, according to CBRE Econometric Advisors. The Inland Empire has been Southern California’s best-growth market for nine straight years, averaging about 5.2% in economic growth each year, according to the Federal Reserve of St. Louis.





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