Tuesday , September 26 2023

Riverside office project sold

A Class A office property in downtown Riverside has been sold.

The two-building complex sold for an undisclosed sum, according to a statement released Monday by Newmark Knight Frank.

The seller was a partnership between CarVal Investors, a global firm that specializes in distressed properties, and EverEWest Real Estate Investors, an investment and operating company in Denver. The buyer was Dornin Investment Group in Laguna Beach.

Newmark Knight Frank represented the seller, while Dornin Investment Group represented itself, according to the statement.

The project covers parts of the 2100 and 2200 of Market Street and the 3400 and 3500 block of Vine Street. Tenants include Riverside County, Fidelity National Title Insurance and the General Services Administration.

The Riverside office market, which includes Corona and Moreno Valley, has a 10.3 percent vacancy rate and has recorded 1.4 million square feet of positive net absorption during the past eight years, according to the statement.

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