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RENTV.com Article: Class A Office Property in Riverside Sells for Over $7 Mil

09/25/2014
Riverwalk, a 40.4k sf, Class A office building in Riverside, sold for $7.15 mil, or $177/sf. Built in 2007, the building is located at 11801 Pierce St, in western Riverside.

The building is 100% leased to three quality tenants including: US Bancorp Real Estate, a division of US Bancorp, the 5th largest commercial bank in the United States; Regus Workplaces, a global workplace provider with 1,800 centers in 600 cities and 100 countries; and American College of Healthcare, an institutionally accredited learning institution specializing in health education with locations in Riverside and Huntington Beach.

The two-story office building has flexible, efficient floor plans, abundant parking, high-quality lobby finishes with a central staircase, and a unique landscape, including a meandering stream, waterfalls and a lakefront gazebo. The building can accommodate expansion or contraction needs of tenants both large and small up to 20k sf in size.

Riverwalk is located in Western Riverside with close access to the 91 Fwy and the I-15. The property is walking distance to retail services and restaurants and located 15 minutes from downtown Riverside, the administrative, legal and cultural center of the Inland Empire. Riverwalk is located in a campus-like setting in a 73-acre master-planned business park.

CBRE’s Mike Kendall, Darla Longo, and Barbara Emmons, along with Tom Pierik and Dave Mudge of Lee & Associates, represented the seller, Turner Real Estate Investments. Traci Thomas of Continental Property Group repped the buyer, California Riverside LLC.

“This was an excellent opportunity to acquire a Class A, multi-tenant office building in a one-of-a kind setting. Located within the highly desirable Inland Empire, it sold at a significant discount to replacement cost,” says Kendall.

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09/25/2014 - 09:00

Source

Lee & Associates

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