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Commerce Square Biz Park in Riverside Gets New Owner in $14 Mil Deal

7/28/20

Commerce Square, a four-building, 128.9k sf business park in Riverside, traded hands in a recent $14 mil ($109/sf) transaction. The asset, located at 1550 Marlborough Ave and 1737, 1777 and 1989 Atlanta Ave, just east of the confluence of I-215 and Hwy 60, was sold by Colony Capital.

Located within Riverside’s Hunter Park, the asset is 90% leased to 14 credible tenants ranging in size from 1.4k sf to 23k sf. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Sean Fulp, Senior Managing Director Scott Schumacher and Managing Director Ryan Plummer represented Colony Capital in the deal. The undisclosed buyer was self-represented.

“Since 2012, the Inland Empire has been considered one of the most robust markets in the country as a result of its growing population, job creation and new construction,” said Shannon. “The region’s population growth has been fueled by affordable housing options, drawing many from the Los Angeles and Orange County areas.”

Schumacher added, “Within the last few years, Riverside has been ranked among the top five cities nationwide by Entrepreneur magazine for both minority economic opportunities and owned businesses.”

The Inland Empire office vacancy was 9.5% by mid-2020, lower than both Los Angeles (13.9%) and Orange County (12.4%), according to NKF Research. This can be attributed to fairly steady leasing activity paired with minimal new construction in recent years in the Inland Empire.




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