August 7, 2020
Laguna Beach-based Dornin Investment Group divested a 44,354-square-foot, Class A office building in Riverside for $16 million, or $361-per-square-foot. The buyer was an unnamed Chicago-based institutional investor.
Located at 3480 Vine St., the 100%-leased asset was originally built in 2004 and features prominent 91 freeway identification. Tenants at the three-story property include the General Services Administration (GSA), Fidelity National Title and the County of Riverside. The federal government recently spent a significant sum on tenant improvements at the property located within the revitalized Downtown Riverside submarket.
CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented the seller. The CBRE team also represented the buyer.
DeLorenzo says, “This is a high-quality and stable asset in one of Southern California’s fastest-growing markets. The federal government’s recent investment in tenant improvements demonstrates its long-term commitment to the property, which helps guarantee a stable income.”
For comments, questions or concerns, please contact Dennis Kaiser