IE Business Daily Business news for the Inland Empire.
A downtown Riverside office building has been sold for $16 million.
The 44,354-square-foot structure at 3480 Vine St. sold to an “institutional buyer” in Chicago whose name was not released, according to a statement released by CBRE.
A five-member brokerage team from CBRE’s Ontario and Newport Beach offices represented the seller, Dornin Investment Group in Laguna Beach.
The three-story property is fully leased to three tenants: the U.S. General Services Administration, Fidelity National Title, and Riverside County.
Built in 2004, the building recently underwent tenant improvements paid for by the federal government. The cost of the improvements was not disclosed.
“This is a high-quality and stable asset in one of Southern California’s fastest-growing markets,” said Anthony DeLorenzo, an executive vice president with CBRE’s Newport Beach office, in the statement. “The federal government’s recent investment in tenant improvements demonstrates its long-term commitment to the property, which helps guarantee a stable income.”
