Cushman & Wakefield recently facilitated the sale of Summit Business Center, a 138,697-square-foot business park located in Riverside. The property was purchased by Dunbar Real Estate Investment Management for over $19 million.
The seller, CIP Real Estate, was represented by Jeffrey Cole, Nico Napolitano, Kristen Schottmiller Francisco Vazquez and Christian Giles from Cushman & Wakefield’s Capital Markets team in Orange County.
According to Napolitano: “Summit Business Center offers great flexibility for businesses with its single-story layout. It is currently well-suited for government and B2C companies but also has limited roll-up door access which adds to its appeal. Additionally, its location in the Inland Empire market provides stability as it has one of the lowest office vacancy rates among the top 50 MSAs according to our research at Cushman & Wakefield.”
Located at 2002-2038 Iowa Ave., this multi-tenant complex consists of five buildings and is primarily used as office space (approximately 85%). It also features eleven ground-level roll-up doors.
Dunbar Acquires Riverside Business Park for Over $19 Million with Assistance from Cushman & Wakefield
In a recent transaction facilitated by real estate firm Cushman & Wakefield , Southern California-based Dunbar Real Estate Investment Management acquired Summit Business Center – a sprawling business park spanning over 138k square feet – located in Riverside. The purchase price exceeded $19 million.
Representing the seller – leading real estate company CIP Real Estate – were members of Orange County’s Capital Markets team including Jeffrey Cole , Nico Napolitano , Kristen Schottmiller Francisco Vazquez and Christian Giles .
Nico Napolitano commented on how Summit Business Center offers immense flexibility due to its single-story design that caters well towards government agencies or B2C companies while still offering limited roll-up door access. Furthermore, the location of this business park in Inland Empire – a market with one of the lowest office vacancy rates among top 50 MSAs according to Cushman & Wakefield research – adds significant stability.
Situated at 2002-2038 Iowa Ave., Summit Business Center is comprised of five buildings and primarily serves as an office space (approximately 85%). It also features eleven ground-level roll-up doors.
