Newmark has announced the sale of a two-property, five-building office portfolio in Riverside, CA. The Class A properties total 223,711 square feet and include Market Street Corporate Center and Riverside Gateway I & II. The portfolio’s major tenants include County of Riverside, GSA and Fidelity National Title Insurance.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White and Paul Jones, and Senior Managing Director Rick Stumm, represented the seller, a partnership between CarVal Investors EverWest Real Estate Investors. The buyer, Dornin Investment Group, was self-represented.
“This institutional quality portfolio has a strong tenant roster with well-located assets near major thoroughfares and popular downtown Riverside. With an overall occupancy of 85 percent, the new ownership can add value and capitalize on one of the Inland Empire’s top office markets and one of the top 5 job growth markets in the nation” said Howard.
Market Street Corporate Center is situated on 7.01 acres at 2190, 2280 and 2300 Market Street and consists of three buildings totaling 133,557 square feet. Built between 2005 and 2006, the property includes ample free parking, proximity to downtown Riverside and its numerous restaurants and retail stores, and access to the 60 freeway. The property is 78 percent occupied.
Riverside Gateway I & II is situated on 4.96 acres at 3480 and 3550 Vine Street in the amenity rich downtown Riverside and consists of two buildings totaling 90,154 square feet.
Built between 2003 and 2004, the property offers ample parking, access to the Riverside Amtrak Metrolink Station and the 91 freeway. The property is 94 percent occupied.
The Riverside market, which includes Corona and Moreno Valley continues to grow and has a vacancy rate of 10.3 percent and has posted a positive net absorption of 1.46 million net square feet over the past eight years.
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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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