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Dunbar Acquires Riverside Business Park for $19M-Plus
Cushman & Wakefield advised the sale of Summit Business Center, a 138,697-square-foot business park in Riverside. The property was acquired by Southern California-based Dunbar Real Estate Investment Management for over $19 million.
Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield’s Capital Markets team in Orange County represented the seller, CIP Real Estate.
“Summit Business Center’s single-story highly functional nature provides immense business plan flexibility,” said Napolitano. “It is currently well positioned as an easily accessible office park catering to government and B2C companies, while offering limited roll-up door access. Its strategic location in the Inland Empire market, which boasts the third-lowest office vacancy rate among the nation’s top 50 MSAs (per Cushman & Wakefield research), adds significant stability.”
Located at 2002-2038 Iowa Ave. in Riverside, the five-building, single-story multi-tenant complex was built out as approximately 85% office and benefited from 11 ground-level roll-up doors.
- ◦Sale/Acquisition
