The property is 100 percent leased to the GSA, Fidelity and the County of Riverside
CRE Transaction Alert
CBRE announced the sale of an office building in Riverside, Calif. to an unidentified Chicago-based institutional buyer for $16 million, or $361 per square foot.
CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented the seller, Dornin Investment Group, an Orange County-based investment firm, in the transaction.
Located at 3480 Vine Street, the 44,354 square-foot, Class A office building was originally built in 2004 and features prominent freeway identification. The three-story property is 100 percent leased to three tenants, including the General Services Administration (GSA), Fidelity National Title and the County of Riverside. The federal government recently spent a significant sum on tenant improvements.
The property is located within the revitalized Downtown Riverside submarket, which has seen a recent surge in new mixed-use and multifamily developments and a multitude of amenities. The property’s proximity to I-215, SR 91 and SR 60 allows for easy access to both Orange and Los Angeles Counties.
“This is a high-quality and stable asset in one of Southern California’s fastest-growing markets,” said DeLorenzo. “The federal government’s recent investment in tenant improvements demonstrates its long-term commitment to the property, which helps guarantee a stable income.”