NAI Capital Completes $4.97M Multitenant Office Investment Sale in Riverside, CA
Ontario, CA – May 9, 2019 – Executive managing director John Boyer, senior vice presidents Nicholas Chang CCIM, SIOR and Richard Lee, SIOR with NAI Capital’s Investment Services Group and vice president Justin Kuehn with NAI Capital’s Ontario office recently completed the investment sale of a 20,875 square foot class B office building in Riverside, California. John, Nicholas, Richard, Justin represented the seller, JD Guthrie, LLC. The buyers was a private investor. The property sold for $4,975,000, or $238/SF.
The single-story multitenant office building is located at 1201 Research Park Dr. The property features a secured parking area with 110 parking spaces, drought resistant landscaping, and identity corner location. The building was built in 2003 and has no deferred maintenance. It is situated in a central location on 2.05 acres. The building was 100% occupied at the time of the sale by government agencies including The International Trade Administration which promotes trade and investment, and ensures fair trade at home and abroad through the rigorous enforcement of U.S. trade laws and agreements.
Nicholas said, “This is an outstanding opportunity for an investor to collect a steady return on investment. The building is occupied by long term stable tenants that have invested over $400,000 in capital improvements on the property.”
“With increases in the rent scheduled into the lease, over time this investment creates additional income and value for the new owner,” added Richard.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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