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3/18/20
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A 63.8k sf, Class A office building in Riverside traded hands in a recent transaction. The building, located at 2300 Market St, was acquired by and L.A.-based private investor and was sold by Dornin Investment Group.
The building was 100% leased at the time of sale. The County of Riverside occupies 89% of the rentable area and recently signed a five-year lease extension that also expanded their footprint at the property. The three-story building was originally constructed in 2006 and features a 3.3 per 1,000 square-foot parking ratio.
The asset is adjacent to the SR 60 Fwy that connects Riverside to Los Angeles County and is within three miles of the Riverside-Downtown Metrolink rail station. The Galleria at Tyler, the largest and most prominent shopping complex in Riverside, is within nine miles of the site.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo of CBRE represented the seller in the deal. The price was not disclosed.
“The property provides much needed back office space for the County of Riverside’s Department of Special Services,” said DeLorenzo. “The need to maximize space, costs for improvements and build-to-suits, as well as parking requirements for DPSS division locations has made it difficult for the County to find the ideal space.”
After hitting the $2 mark in the third quarter of 2019 for the first time in ten years, the average asking lease rate for office space in the Inland Empire ended the fourth quarter of 2019 at $2.05 per square-foot, the highest figure since 2009, according to a CBRE research report. The average asking lease rate increased 5.7% year-over-year.
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