Dunbar Real Estate Purchases Summit Business Center In Riverside For $19.2M With CIP Real Estate As Seller

The property involved in this transaction is located at 2002-2038 Iowa Avenue in Riverside, comprising a total of 138,697 square feet of office space on a 9.3-acre plot. The asset was sold for a total transaction amount of $19,200,000, translating to a price per square foot of $138. The property, known as Summit Business Center, was constructed in 1989 and underwent renovations in 2018. It features 85% office space and includes 11 roll-up doors.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $19,200,000
• Address: 2002-2038 Iowa Avenue
• Market: Riverside
• Acres: 9.3
• Square Footage: 138,697
• Price Per Square Foot: $138
• Buyer: Ross Mitchell - Dunbar Real Estate Investment Management
• Seller: Eric C. Smyth - CIP Real Estate
• Brokers: Christian Giles, Francisco Vazquez, Jeffrey Cole, Kristen Schottmiller & Nico Napolitano - Cushman & Wakefield

This transaction was facilitated by multiple brokers from Cushman & Wakefield, specifically Christian Giles, Francisco Vazquez, Jeffrey Cole, Kristen Schottmiller, and Nico Napolitano. The property was sold by Eric C. Smyth of CIP Real Estate to Ross Mitchell representing Dunbar Real Estate Investment Management, indicating a significant transaction within the Riverside market.