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12/14/18
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In a recent Inland Empire office acquisition, Montclair-based De Anza Land and Leisure Corp purchased Center Tower Riverside, a five-story, 73.6k sf Class A building in Riverside, for $20.66 mil ($281/sf). The property was sold by Irvine-based CIP Real Estate.
Built in 1987, the property is situated on just over an acre at 3880 Lemon St, south of Hwy 60 and just west of the 91 Fwy. In 2017, a major renovation was completed valued at a more than $3 mil, which included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping.
At the time of sale, Center Tower was 94% occupied by 11 tenants including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates, Reid & Hellyer. The property also features 248 parking stalls in an adjacent four-level parking structure.
John Ewart and John Daciolas with Newmark Knight Frank represented the buyer in the deal. The seller was repped by CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo.
“Downtown Riverside has historically been home to a significant amount of government offices which has resulted in a high office occupancy rate here even in a down economic cycle,” said Ewart. “My client was attracted to the stability of this area and plans a long-term hold on this quality asset.”
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