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California  + Inland Empire  + Office  | 

Riverside Value-Add Office Building Trades Hands

Providence Capital Group acquired an office building in Riverside, CA from Magnon Companies for $7.2 million. The 58,312-square-foot building at 1650 Spruce St. consists of five stories, and features ample parking and two on-site restaurants.

Located at the confluence of the 91 and 60 freeways, the highly visible property sits in proximity to 16 restaurants, six hotels as well as several grocery stores and banks. The building, constructed in 1989, features steel framing and a two-story atrium.

CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Sammy Cemo, and Phillip Woodford represented the seller, as well as the buyer.

“This was a rare opportunity for investors, because it was the only Class A value-add opportunity in the Inland Empire at the time of sale,” said Stache. “The value-add component will allow the buyer to achieve higher returns down the line through lease-up of the vacant space.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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