Dornin Sells Fourth Office Building in Riverside

Dornin Investment Group (DIG) recently sold its fourth multi-tenant office building of its original Riverside office portfolio, 3550 Vine St. to a private client, bringing its total sales to date to $46.4 million. The 46,089-square-foot three-story building was 90 percent leased at the time of sale. DIG had recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites.

The property was sold by the Orange County CBRE team of Anthony Delorenzo, Sammy Cemo, Bryan Johnson and Doug Mack who represented DIG.

“Inland Empire office has continued to outperform all other Southern California office markets over the past 1.5 years,” says Cemo. “This continued growth, along with the quality and stability of each asset in DIG’s Riverside portfolio, has allowed us to attract new private and institutional capital to the market at record-setting pricing.”

Tom Pierik and David Mudge of Lee & Associates provided landlord leasing services, leasing approximately 15,000 square feet during DIG’s hold period.

DIG’s original cost basis of the four assets sold is $33 million. DIG originally purchased the five-property portfolio from an institutional ownership group in October 2018 for $44.25 million or $198 per square foot. DIG continues to own and manage the fifth and final building of the portfolio, 2280 Market St., a 64,115-square-foot building. “We continue to see strong tenant and investor demand for office buildings in Riverside,” says Eric Entringer, vice president of capital markets for DIG. “We purchased our Riverside office portfolio from an institutional investor and have repositioned the assets to drive value capitalizing on strong tenant demand and investor interest in suburban office assets.”