IE Business Daily Business news for the Inland Empire.
A Class-A office building in downtown Riverside has been sold.
The building, at 11801 Pierce Road in the Riverwalk project, sold for $7.1 million, according to CBRE Group Inc.
The transaction was announced Wednesday.
CBRE and Lee & Associates represented the seller, Turner Real Estate Investments in Newport Beach, Continental Property Group in Minnesota represented the buyer, California Riverside LLC, a private investment group.
The sale price was approximately $177 a square foot.
Built in 2007, the structure near the 91 Freeway and Interstate 15 is currently 100 percent leased. Its tenants include U.S. Bancorp Real Estate, Regus Workplaces and American College of Healthcare.
The building could be expanded up to 20,000 square feet, according to CBRE.
