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Center Tower Riverside Trades Hands for $21M
Center Tower Riverside, a five-story, 73,645-square-foot Class A office building in downtown Riverside, CA, sold for $20.66 million. The buyers were Montclair, CA-based De Anza Land and Leisure Corp., while the seller was Irvine-based CIP Real Estate.
Located on 1.14 acres at 3880 Lemon St., the 94%-occupied property was built in 1987. In 2017, a more than $3-million renovation was completed, which touched on common area improvements and upgrades to the lobby, elevators, corridors, restrooms and landscaping.
NKF’s John Ewart and John Daciolas represented the buyers. CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, Barbara Perrier and Darla Longo advised the sellers.
“Downtown Riverside has historically been home to a significant amount of government offices, which has resulted in a high office occupancy rate here even in a down economic cycle,” said Ewart. “My client was attracted to the stability of this area, and plans a long-term hold on this quality asset.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


