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4/27/15
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Center Tower Riverside, a five-story, 73k sf Class A office property located at 3880 Lemon St in downtown Riverside, was acquired by a joint venture between CIP Real Estate and Baltimore-based Alex. Brown Realty for $13.8 mil ($189/sf). The property was sold by Nomel Venture LP and affiliates, a private partnership.
The venture will be investing more than $1.5 mil in extensive interior renovations and new high-end tenant improvements at the property. With opportunities for upgrades and visibility from the 91 Freeway, Center Tower Riverside fits into the joint venture’s strategic value-added program.
Current tenants at Center Tower Riverside include Blue Cross of California, City of Riverside: Environmental Health, Index Fresh, and Kleinfelder West, Inc, as well as three law firms, Aleshire & Wynder, LLP, Reid & Hellyer, and Wood, Smith, Henning and Berman LLP.
Michael Kendall, Darla Longo, Mark Perry, Carlene O’Neil, Vindar Batoosingh and Philip Woodford represented both parties in the transaction. Since 1998, CIP Real Estate and Alex. Brown Realty have jointly acquired 20 projects that total more than 2.5 msf with a value in excess of $175 mil.
CIP has been busy in the Inland Empire, having also recently being awarded the management contracts for Ontario Airport Tower, a six-story, 147k sf Class A office property and Empire Towers V, a five-story, 125k sf Class A office building, both of which are located in the Ontario International Airport submarket. Located at 2855 E. Guasti Rd in Ontario, California, Ontario Airport Tower is anchored by American Career College and Best, Best, & Krieger.
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