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February 28, 2024
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Dornin Investment Group Spends $44 Mil on Riverside Office Portfolio


Dornin Investment Group has acquired a five-building, 223.7k sf Class A office portfolio on the perimeter of downtown Riverside for $44.25 mil ($198/sf). The purchase includes Riverside Gateway I & II and Market Street Corporate Center, two separate office projects sold by a partnership between CarVal Investors EverWest Real Estate Investors.

Market Street Corporate Center
Market Street Corporate Center
Market Street Corporate Center is situated on 7.01 acres at 2190, 2280 and 2300 Market St and consists of three buildings totaling 133.6k sf. Built between 2005 and 2006, the property includes ample free parking, proximity to downtown Riverside and its numerous restaurants and retail stores, and access to the 60 Fwy. The property is 78% occupied.

Riverside Gateway I & II is situated on 4.96 acres at 3480 and 3550 Vine St in the amenity rich downtown Riverside. It consists of two buildings totaling 90.2k sf. Built between 2003 and 2004, the property offers ample parking, access to the Riverside Amtrak Metrolink Station and the 91 Fwy. The property is 94% occupied.

Major tenants within the portfolio include County of Riverside, GSA and Fidelity National Title Insurance. Dornin plans to implement an interior and exterior common area renovation plan to include updating lobbies and corridors, new lighting packages, artwork, furniture, landscaping, and outdoor seating areas.

“This was an attractive acquisition for us given the going in cap rate, credit tenancy, building quality, separate parcels, and rental rate buffer versus the core downtown Class A assets”, said Andrew Kurzeka, Director of Investments for DIG.

A bridge loan was secured through Prime Finance and a mezzanine loan secured through Realty Mogul. NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White and Paul Jones, and Senior Managing Director Rick Stumm, represented the seller in the deal. The buyer was self-represented. Tom Pierik and David Mudge of Lee & Associates will continue marketing the buildings for lease.

“This institutional quality portfolio has a strong tenant roster with well-located assets near major thoroughfares and popular downtown Riverside. With an overall occupancy of 85%, the new ownership can add value and capitalize on one of the Inland Empire’s top office markets and one of the top 5 job growth markets in the nation” said Howard.

The Riverside market, which includes Corona and Moreno Valley continues to grow and has a vacancy rate of 10.3% and has posted a positive net absorption of 1.46 msf over the past eight years.

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