Newmark has announced the sale of Commerce Square, a four-building, 128,912-square-foot business park, located at 1550 Marlborough Avenue and 1737, 1777 & 1989 Atlanta Avenue in Riverside, CA. The total consideration was just over $14 million.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Sean Fulp, Senior Managing Director Scott Schumacher and Managing Director Ryan Plummer represented the seller, Colony Capital. The undisclosed buyer was self-represented.
Located within Riverside’s Hunter Park, the asset is 90 percent leased to 14 credible tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California.
“Since 2012, the Inland Empire has been considered one of the most robust markets in the country as a result of its growing population, job creation and new construction,” said Shannon. “The region’s population growth has been fueled by affordable housing options, drawing many from the Los Angeles and Orange County areas.”
Schumacher added, “Within the last few years, Riverside has been ranked among the top five cities nationwide by Entrepreneur magazine for both minority economic opportunities and owned businesses.”
The Inland Empire office vacancy was 9.5 percent by mid-2020, lower than both Los Angeles (13.9 percent) and Orange County (12.4 percent), according to Newmark Research. This can be attributed to fairly steady leasing activity paired with minimal new construction in recent years in the Inland Empire.
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 18,000 professionals operate from approximately 480 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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