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June 15, 2024
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Riverside Office Building Sells for $11.4 Mil


A three-story, 46.1k sf office building in Riverside was purchased by a private investor for $11.4 mil, or $247/sf. The multi-tenant property was sold by Dornin Investment Group (DIG).

The building, located at 3550 Vine St, represents the fourth building that DIG has sold from a five-property portfolio the company acquired from an institutional ownership group for $44.25 mil in October 2018. The four buildings sold, which have an original cost basis of $33 mil, have fetched $46.4 mil. DIG continues to own and manage the fifth and final building of the portfolio, a 64.1k sf structure at 2280 Market St.

The 3550 Vine St building was 90% leased at sale. DIG had recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites.

Anthony Delorenzo, Sammy Cemo, Bryan Johnson, and Doug Mack with CBRE represented DIG in this latest sale. Tom Pierik and David Mudge of Lee & Associates provided landlord leasing services, having leased up 15k sf of space during DIG’s hold period.

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