IE Business Daily Business news for the Inland Empire.
Riverside has purchased the downtown office building that has been partially occupied by its public utilities department for the past four years.
Mission Square, a six-story structure at 3750 University Ave., sold for $37.9 million following several months of negotiations, said John Daciolas, senior managing director with Newmark, Grubb Night Frank Ontario.
The seller, NNN Mission Square LLC, is a collection of LLC’s spread all over the country, said Daciolas, who represented the seller along with John Ewart, also a senior managing director with Newmark Grubb’s Ontario office.
The transaction was announced Wednesday.
The building, at the southwest corner of University and Market avenues, has an attached parking garage and is fully occupied, Its tenants include the law firm Gresham, Savage Nolan & Tilden as well as Morgan Stanley and Wells Fargo.
Riverside Public Utilities occupies 70,281 square feet in the building. The structure itself covers more than 127,500 feet.
“It’s a great building, one of the best office buildings in downtown Riverside,” Daciolas said.
