A private high-net-worth buyer has acquired Mission Lake Center, a multi-tenant office complex at 3600 Lime Street in Riverside, California, for $10.13 million from a joint venture managed by Orange County–based firms Stillwater Investment Group and Greenlaw Partners, according to a release from a representative of CBRE.
The statement says Mission Lake Center contains seven two-story class-A office buildings totaling 74,646 square feet. The property recently underwent a $900,000 renovation and includes a water feature surrounded by landscaping, common areas, an on-site restaurant and an abundance of parking. CBRE reports that Mission Lake Center has a walk score of 82 and is located close to numerous restaurants, grocery stores, banks, hotels, and fitness centers.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, and Sammy Cemo represented the seller in the transaction, according to the source.
DeLorenzo is quoted in the release as saying, “This is a safe investment with historically high occupancy as many of the tenants have been at this location for years.” He adds that there are few properties in the IE that offer updated technology and amenities like Mission Lake Center.”
John Drachman, president at Stillwater, is quoted as saying, “We were proud of the work we did to clean up and stabilize the asset and will continue to look for more opportunities to acquire projects in the Inland Empire.”
DeLorenzo says in the statement that several factors continue to drive the Inland Empire market, including the strong economy, a spike of new investors, affordable housing, and the market’s live-work-play feel.
CBRE also reports that after reaching single-digit vacancy last quarter, Inland Empire’s strong growth lowered vacancy further to 9.3 percent. The source says IE West outperformed IE East with positive net absorption in each of its major cities, according to CBRE research.
Stillwater has been an active player in the SoCal market. As SoCal Real Estate reported earlier this week, the firm, in a joint venture with Cross Harbor Capital, purchased Orangewood Office Park at 2100 and 2200 West Orangewood Avenue in Orange, California, for $18.7 million from an unspecified real estate investment trust, according to a release from a representative of CBRE.