Newmark Grubb Knight Frank (NGKF) has completed the $37.95 million sale of Mission Square, a fully occupied, six-story, 127,533-square-foot, Class A office building in Riverside, California.
Senior Managing Directors John Daciolas and John Ewart from NGKF’s Ontario office completed the transaction on behalf of seller, NNN Mission Square, LLC. The office building was sold to City of Riverside.
Located at 3750 University Avenue, the property is situated on 2.49 acres, includes an attached parking garage and is one of Downtown Riverside’s prime office properties. The City of Riverside’s Public Utility Division has been a tenant at the property since August 2011, occupying 70,281 square feet of space.
“The city’s purchase of this asset made economic sense to become an owner-user,” said Daciolas. “This transaction not only benefitted the buyer, but the seller as well, which was a tenant-in-common group comprising dozens of partners. The group, which acquired the building in 2006, was able to take advantage of the upswing in market conditions over the past couple of years and realized a reasonable return on its investment.”
The City of Riverside’s downtown market is the tightest market in the Inland Empire region with rents well above the regional averages. The city’s vacancy rate is also well below that of the region due to the high demand for office space for city, county and supporting services.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.