July 29, 2020
Los Angeles-based Colony Capital divested Commerce Square, a four-building, 128,912-square-foot business park in Riverside for more than $14 million. The buyer was undisclosed.
Located within Riverside’s Hunter Park, the asset is 90% 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.
NKF’s Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer represented the seller. The buyer was self-represented.
Shannon says, “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. The region’s population growth has been fueled by affordable housing options, drawing many from the Los Angeles and Orange County areas.”
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