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11/26/24
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SoCal-based Dunbar Real Estate Investment Management has acquired Summit Business Center, a 138.7k sf business park in Riverside, in a $19 mil ($137/sf) transaction. Dumbar is a private equity firm specializing in repositioning commercial real estate properties.
Located at 2002-2038 Iowa Ave, Summit Business Center is a five-building, single-story multi-tenant complex. It was built out as approximately 85% office and features 11 ground-level roll-up doors.
Separately parceled, the five buildings at Summit Business Center are situated on a 9.26-acre lot with frontage along Iowa Ave within the master-planned Hunter Industrial Park. The property was originally built in 1989 but has since undergone renovations, with its most recent and significant interior and exterior upgrade coming in 2018.
Cushman & Wakefield’s Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez, and Christian Giles of the firm’s Capital Markets team in Orange County represented the seller, CIP Real Estate, in the transaction.
“Summit Business Center’s single-story highly functional nature provides immense business plan flexibility,” said Napolitano. “It is currently well positioned as an easily accessible office park catering to government and B2C companies, while offering limited roll-up door access. Its strategic location in the Inland Empire market, which boasts the third-lowest office vacancy rate among the nation’s top 50 MSAs (per Cushman & Wakefield research), adds significant stability.”
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