Orange County Investor Buys Riverside Office Portfolio for $44M
Laguna Beach, CA-based Dornin Investment Group acquired a two-property, 223,711-square-foot office portfolio in Riverside, CA for $44.25 million. The seller of the five-building Market Street Corporate Center and Riverside Gateway I & II was a partnership between CarVal Investors and EverWest Real Estate Investors.
Dornin’s Andrew Kurzeka says, “This was an attractive acquisition for us, given the going in cap rate, credit tenancy, building quality, separate parcels, and rental rate buffer versus the core downtown Class A assets.”
Market Street Corporate Center is situated on 7.01 acres at 2190, 2280 and 2300 Market St. The three buildings, built between 2005 and 2006, total 133,557 square feet and are 78% occupied.
Riverside Gateway I & II is situated on 4.96 acres at 3480 and 3550 Vine St. The two buildings total 90,154 square feet and are 94% occupied.
NKF’s Kevin Shannon, Brunson Howard, Ken White, Paul Jones, and Rick Stumm, represented the seller. The buyer was self-represented.
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.