Los Angeles –– CBRE has brokered the $10.17 million sale of a 40,460-square-foot, multi-tenant office building in Riverside, Calif. to an Orange County-based family trust.
Sammy Cemo, Anthony DeLorenzo, Gary Stache and Bryan Johnson of CBRE Capital Markets represented the seller, Pacifica Real Estate, in the transaction.
Located at 11870 Pierce St. in Riverside, the building features high-image office finishes, and exterior amenities including water features and walking trails. The office building is 92 percent leased with the two remaining vacancies being move-in ready. Tenants include Stewart Title, TK1SC and the property’s largest and newest tenant, Kaiser Permanente, which occupies 32 percent of the space with a seven-year lease signed in 2020.
“The property generated a tremendous amount of activity from the private capital community due to the strength of tenants, the highly desirable West Riverside location and the quality of the real estate,” said Cemo. “Even with COVID-19 headwinds, the Inland Empire has proven its resiliency with continued leasing activity from strong tenants, and new private capital has started to notice.”
The building’s location provides immediate access to Highway 91 along with 115 restaurants, five hotels, eight fitness centers and 29 banks and ATMs within three miles of the offices. The property also sits near the Interstate 15/Highway 91 interchange, Downtown Riverside and the Galleria at Tyler.
Riverside is ranked the number one top tier office investment market in Southern California over the next two years, with office rents projected to grow 5.6 percent in that time, according to CBRE Econometric Advisors. The Inland Empire has been Southern California’s best-growth market for nine straight years, averaging about 5.2 percent in economic growth each year, according to the Federal Reserve of St. Louis.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
