Government-Occupied Riverside Office Asset Sold for $16M
Laguna Beach-based Dornin Investment Group divested a 44,354-square-foot, Class A office building in Riverside for $16 million, or $361-per-square-foot. The buyer was an unnamed Chicago-based institutional investor.
Located at 3480 Vine St., the 100%-leased asset was originally built in 2004 and features prominent 91 freeway identification. Tenants at the three-story property include the General Services Administration (GSA), Fidelity National Title and the County of Riverside. The federal government recently spent a significant sum on tenant improvements at the property located within the revitalized Downtown Riverside submarket.
CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented the seller. The CBRE team also represented the buyer.
DeLorenzo says, “This is a high-quality and stable asset in one of Southern California’s fastest-growing markets. The federal government’s recent investment in tenant improvements demonstrates its long-term commitment to the property, which helps guarantee a stable income.”
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.