Inland Empire Office Changes Hands
- Dec 19, 2018
De Anza Land & Leisure Corp. has acquired Center Tower Riverside, a 73,645-square-foot Class A office asset in the Inland Empire, for $20.5 million, according to Yardi Matrix. The seller, a joint venture between CIP Real Estate and Alex. Brown Realty, bought the property from AMC Investments for $13.8 million in 2015.
Located at 3880 Lemon St. in downtown Riverside, Calif., the office building rises five stories alongside the Riverside Freeway. The area is well-served by the city’s public transportation routes, and commuter parking is available in an attached parking structure with nearly 250 spaces.
The building was constructed in 1987, and the seller finished roughly $3 million of capital improvement work at the property last year, updating common areas, elevators, bathrooms and landscaping. The asset has a 6 percent vacancy rate, occupied by tenants including Reid & Hellyer, Riverside County Environmental Health and Wells Fargo.
CBRE’s Mike Longo led the team acting on behalf of the seller. Newmark Knight Frank’s John Ewart and John Daciolas represented De Anza. In February, the duo was assigned to oversee leasing efforts at a 100,000-square-foot office asset in Pomona, Calif., 20 miles to the west.
“Downtown Riverside has historically been home to a significant amount of government offices which has resulted in a high office occupancy rate here even in a down economic cycle,” said Ewart, senior managing director of NKF, in a prepared statement.
Image courtesy of Yardi Matrix