IE Business Daily Business news for the Inland Empire.
An office building in downtown Riverside has been sold.
The structure, at 2300 Market St., covers 63,760 square feet and was fully leased at the time of sale, according to a statement released by CBRE.
Cost of the transaction was not released.
The buyer was a Los Angeles-based investor whose name was not released. The seller, the Dornin Investment Group in Laguna Beach, was represented by CBRE.
Nearly 90 percent of the building is leased to Riverside County, which recently signed a five-year extension to remain there.
Built in 2006, the three-story structure is next to the 60 Freeway and within three miles of the downtown Metrolink station. The Galleria at Tyler, one of the largest retail destinations in Riverside County, is within nine miles.
“The property provides much needed back office space for the Riverside County’s Department of Special Services,” said Anthony DeLorenzo, executive vice president with CBRE, in the statement. “The need to maximize space, costs for improvements and build-to-suits, as well as parking requirements for DPSS division locations has made it difficult for the county to find the ideal space.”
Office space in the Inland Empire leased for an average of $2.05 a square foot at the end of last year, the highest rate since 2009, according to CBRE.
