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3/03/22
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A 65.4k sf, three-story office building in Riverside sold for $13.1 mil ($200/sf). The building, located at 2280 Market St, was 68% leased at time of sale.
The property was sold by Dornin Investment Group. The structure was the fifth and final property sold from its Riverside Office Portfolio, which consisted of five multi-tenant buildings purchased in October 2018 for $44.3 mil. The sales achieved a combined price of $59.4 mil.
Dornin 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 Dornin in this sale. Mark Nicoletti of Allen Matkins and Valerie Rapp of Fidelity National Title were instrumental in closing the transaction.
Tom Pierik and David Mudge of Lee & Associates provided landlord leasing services for Dornin during its hold period. They executed 21 leases totaling 117k sf of space across the portfolio.
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