October 30, 2018
Laguna Beach, CA-based Dornin Investment Group acquired a two-property, 223,711-square-foot office portfolio in Riverside, CA for $44.25 million. The seller of the five-building Market Street Corporate Center and Riverside Gateway I & II was a partnership between CarVal Investors and EverWest Real Estate Investors.
Dornin’s Andrew Kurzeka says, “This was an attractive acquisition for us, given the going in cap rate, credit tenancy, building quality, separate parcels, and rental rate buffer versus the core downtown Class A assets.”
Market Street Corporate Center is situated on 7.01 acres at 2190, 2280 and 2300 Market St. The three buildings, built between 2005 and 2006, total 133,557 square feet and are 78% occupied.
Riverside Gateway I & II is situated on 4.96 acres at 3480 and 3550 Vine St. The two buildings total 90,154 square feet and are 94% occupied.
NKF’s Kevin Shannon, Brunson Howard, Ken White, Paul Jones, and Rick Stumm, represented the seller. The buyer was self-represented.
For comments, questions or concerns, please contact Dennis Kaiser