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10/17/11
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Davenport Partners Inc has acquired the Towers at Riverwalk, a two-building, 193.6k sf Class A office complex in Riverside. The property is located at 4204 and 4210 Riverwalk Pkwy, within the master-planned, mixed-use business park known as Riverwalk. The price was not disclosed.
The buildings at Riverwalk were constructed in 2008 and feature a distinctive design and high-end finishes. The property benefits from being adjacent to a number of desirable amenities, including retail, food services, a health club, a hotel (Hampton Inn & Suites) and medical uses. It also enjoys direct access and visibility from the 91 Fwy.
Palmer Capital Inc represented the seller, Turner Cottonwood LLC. Davenport was not represented in the transaction. According to Steve Blue, a Partner with Davenport, “the property was purchased at a real attractive basis and is best-in-class for office product in the Inland Empire.” Blue notes that Davenport’s cost basis is such that they can offer brand new, first-generation office space in a Class A project while maintaining the most competitive lease rates in the market.
Davenport will handle both management and leasing of the property. The company’s business plan entails creating speculative office suites (1k sf and up) that are “move-in” ready as well as offering a short-form lease for quicker lease execution. In addition to catering to small tenants, the buildings also have full floors available for large users seeking to expand and/or relocate from older, second-generation office space into a contemporary, Class A office project.
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