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September 22, 2020
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SOUTHERN CALIFORNIA NEWS
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Riverside Office Building Sells for $16 Mil

8/06/20

An unnamed Chicago-based company paid $16 mil for a 44.4k sf ($361/sf), three-story office building in Riverside. The multi-tenant property, located at 3480 Vine St, was 100% leased at the time of sale to three investment-grade tenants.

The building was sold by Dornin Investment Group, who acquired it in October 2018 as part of a five-building, Class A Riverside office portfolio buy. 3480 Vine Street is now the third building of the portfolio DIG has exited successfully to separate buyers.

The previous two building sales are for 2190 and 2300 Market St, which are 6.2k sf and 63.9k sf, respectively and were each 100% leased at sale. DIG projected to exit these buildings following two-three years of acquisition at $225 PSF, based on its business plan. DIG was able to exit 2190 and 2300 Market Street within six and 17 months, respectively, at a weighted average sales price of $271 PSF. The implied IRR and equity multiple based on allocated debt and equity on a weighted average basis was 122% and 2.55x, respectively.

DIG continues to own and manage 2280 Market Street, which is 83% leased and listed for sale with CBRE, and 3550 Vine Street, which is 78% occupied and also listed for sale through CBRE.





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