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5/20/15
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Stillwater Investment Group LLC paid $9.9 mil for Mission Lakes, an 82k sf ($121/sf) office complex in the city of Riverside. The seven-building asset was sold by an unnamed investor based out of New York who specializes in buying underperforming real estate loans. The seller had only owned the property for six months prior to selling.
Located at 3600 Lime St, just south of the intersection of I-215 and the 60 Fwy, Mission Lakes is a garden-style office park that boasts a diverse tenant mix. The project was approximately 82% occupied at the time of the sale. The unique, campus-like property features a lake, waterfalls and lushly landscaped courtyards. The project is centrally located within walking distance of downtown Riverside with plentiful retail amenities. The site offers abundant free parking, an on-site mail center and a 700 square foot conference center.
Nicholas Chang and Richard Lee, both senior vice presidents with NAI Capital, represented both parties in this deal. “We had tremendous interest immediately upon exposing the property to the investment community. Stillwater Investment Group quickly emerged as the best qualified buyer,” said Chang. “The office vacancy in the city of Riverside is down year over year and rents are rising. In the time the property was in escrow, the cap rate actually went up due to the recent leasing activity at the new market rates.”
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