CBRE Announces the Sale of Multi-tenant Office Building in Riverside, CA for $10.1 Million
11월 20, 2018
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack and Sammy Cemo represented the seller, a joint venture managed by Stillwater Investment Group and Greenlaw Partners, both Orange County-based real estate firms.
Located at 3600 Lime Street, Mission Lake Center contains seven two-story class-A office buildings, totaling 74,646 square feet. The property recently underwent a $900,000 renovation and includes a water feature surrounded by landscaping, common areas, an on-site restaurant and an abundance of parking. With a walk score of 82, the property sits in an ideal location and is in proximity to numerous restaurants, grocery stores, banks, hotels and fitness centers.
“This is a safe investment with historically high occupancy as many of the tenants have been at this location for years,” said DeLorenzo. “The strong economy, spike of new investors, affordable housing and live-work-play feel continue to drive the Inland Empire market. There are few properties like this in the IE with updated technology and amenities.”
Added John Drachman, president at Stillwater, “The CBRE team’s marketing efforts helped identify a buyer who performed quickly and efficiently to purchase this asset. We were proud of the work we did to clean up and stabilize the asset and will continue to look for more opportunities to acquire projects in the Inland Empire.”
After reaching single-digit vacancy last quarter, Inland Empire’s strong growth lowered vacancy further to 9.3%. IE West outperformed IE East with positive net absorption in each of its major cities, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.