|
|
10/29/15
|
Mission Square, a 127.5k sf office building in Riverside, was purchased by the City of Riverside for $37.95 mil, or $298/sf. The six-story, Class A asset was sold by NNN Mission Square LLC.
The property, situated on 2.49 acres at 3750 University Ave, west of I-215 and south of Hwy 60, includes an attached parking garage and is one of downtown Riverside’s prime office properties. The City of Riverside’s Public Utility Division has been a tenant at the property since August 2011, occupying 70.3k sf of space.
Senior Managing Directors John Daciolas and John Ewart from NGKF’s Ontario office repped the seller in the deal.
“The city’s purchase of this asset made economic sense to become an owner-user,” said Daciolas. “This transaction not only benefitted the buyer, but the seller as well, which was a tenant-in-common group comprising dozens of partners. The group, which acquired the building in 2006, was able to take advantage of the upswing in market conditions over the past couple of years and realized a reasonable return on its investment.”
The City of Riverside’s downtown office market is the tightest market in the Inland Empire region with rents well above the regional averages. The city’s vacancy rate is also well below that of the region due to the high demand for office space for city, county and supporting services.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
