Newmark has announced it has completed the $20.66 million acquisition of Center Tower Riverside, a five-story, 73,645-square-foot Class A office building located in downtown Riverside, CA.
Newmark Senior Managing Directors John Ewart and John Daciolas represented the buyers, De Anza Land and Leisure Corp from Montclair, CA. The seller Irvine-based CIP Real Estate was represented by CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo.
“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. “My client was attracted to the stability of this area and plans a long-term hold on this quality asset.”
Located at 3880 Lemon Street in 1.14 acres, the property was built in 1987. In 2017, a major renovation was completed valued at a more than $3 million which included common area improvements and upgrades to the lobby, elevators, corridors, restroom and landscaping. At the time of sale, Center Tower was 94 percent occupied by 11 tenants including Best Best & Krieger, County of Riverside, Index Fresh, Kimley-Horn & Associates, Reid & Hellyer. The property also features 248 parking stalls in an adjacent four-level parking structure.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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