Summit Business Center Sells for More Than $19 Million
Cushman & Wakefield has announced that it has advised the sale of Summit Business Center, a 138,697-square-foot business park in Riverside, within the Inland Empire market. Located at 2002-2038 Iowa Avenue, the five-building, single-story multi-tenant complex was built out as approximately 85% office and benefited from 11 ground-level, roll-up doors.
The property was acquired by Southern California-based Dunbar Real Estate Investment Management, a private equity firm specializing in repositioning commercial real estate properties, for over $19 million.
Cushman & Wakefield’s Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of the firm’s Capital Markets team in Orange County represented the seller, CIP Real Estate, in the transaction.
“Summit Business Center’s single-story highly functional nature provides immense business plan flexibility,†said Nico Napolitano, senior director. “It is currently well positioned as an easily accessible office park catering to government and B2C companies, while offering limited roll-up door access. Its strategic location in the Inland Empire market, which boasts the third-lowest office vacancy rate among the nation’s top 50 MSAs (per Cushman & Wakefield research), adds significant stability.â€
Separately parceled, the five buildings at Summit Business Center are situated on a ±9.26-acre lot with frontage along Iowa Avenue within the master-planned Hunter Industrial Park. The property was originally built in 1989 but has since undergone renovations, with its most recent and significant interior and exterior upgrade coming in 2018.
“Demand remains very strong for these types of multi-tenant low-coverage business park assets in Southern California and markets across the country, primarily due to their consistent tenant demand and rent growth resiliency and the cost-prohibitive nature of developing new supply,†said Jeffrey Cole, executive vice chair. “We garnered a robust amount of interest from a large pool of buyers for the Summit Business Center prior to this successful sale. The new ownership now has a versatile, well-maintained asset that is very well positioned for future success.â€
