IE Business Daily Business news for the Inland Empire.
Center Tower Riverside, a five-story Class A downtown office building, has been sold.
The building, at 3880 Lemon St., sold for $20 million, Newmark Knight Frank said in a statement.
The buyer, DeAnza Land and Leisure Corp. in Montclair, was represented by Newmark Knight Frank. CBRE represented the seller, CIP Real Estate in Irvine.
Built in 1987, Center Tower Riverside sits on 1.1 acre and covers 73,645 square feet. It underwent a $3 million renovation last year that included improvements to the property’s common grounds, lobby, elevators, restrooms, corridors and landscaping.
Center Tower Riverside was 94 percent occupied at the time of sale. The building’s 11 tenants include Best, Best & Krieger, Riverside County, Index Fresh and Kimley-Horn and Associates, according to the statement.
