IE Business Daily Business news for the Inland Empire.
CBRE has negotiated the sale of a multi-tenant office building in Riverside.
The building, at 11870 Pierce St., sold for $10.1 million to an Orange County family trust whose name was not released, according to a statement.
Kaiser Permanente occupies 32 percent of the building, making the it the building’s largest tenant. It’s in the second year of a seven-year lease.
Other tenants include Stewart Title, and TK1SC, a full-service construction engineering firm based in Irvine.
The property is near the Interstate 15/Highway 91 interchange, downtown Riverside and the Galleria at Tyler.
“The property generated a tremendous amount of activity from the private capital community due to the strength of tenants, the highly desirable West Riverside location and the quality of the real estate,” said Sammy Cemo, vice president with CBRE Ontario, in the statement. “Even with COVID-19 headwinds, the Inland Empire has proven its resiliency with continued leasing activity from strong tenants, and new private capital has started to notice.”
