Stunning 7 building garden style office park is sold for $9.9 million in record time. The Lee Chang Group provided both buyer representation and the seller representation services in this major transaction.
Mission Lakes is a gorgeous 7 building office center that has immediate access to the Riverside Freeway. Designed as a “garden style” complex, this office center was beautifully landscaped and well maintained prior to the sale. The owner, a New York based investment firm held the property for only six months prior to selling it to Stillwater Investment Group, LLC of California.
When presented with the opportunity to sell this property, Richard Lee of the Lee Chang Group knew that they would be able to find a qualified buyer in a very reasonable amount of time. The vacancy rate for office buildings was steadily declining in the Riverside area, and rental pricing was steadily climbing. Armed with this information, the Lee Chang Group began their search for an investor.
The Lee Chang Group has established themselves as an authority in the Inland Empire when it comes to marketing commercial real estate. Their broad list of clients and potential clients is global, and they have had large successes in connecting the right parties together to make the perfect real estate transaction.
After placing the property in escrow, the buyers were pleased to discover that the cap rate actually increased on the property due to lease rates in the area. It is the belief of the Lee Chang Group that this property will achieve 100 percent occupancy in a very short time.
The Inland Empire is a thriving industrial area located outside of Los Angeles County. Businesses of all industries have been aggressively seeking properties in this area due to its affordable square footage rates, access to shipping and receiving methods, and a large workforce and consumer base.
Multi-Tenant Commercial Office Sale
- Tenant/Buyer: Stillwater Investment Group, LLC
- Landlord/Seller: Lakeland West Capital XX
- Property Type: Multi-Tenant Office
- Region: Inland Empire West
- County: Riverside County
- City: Riverside, CA
- Property Size: 81,975 square foot
- Clear Ceiling Height: N/A
- Parking Spaces: 320
- Dock-High Doors/Loading: 0
- Drive In / Grade-Level Doors: 0
- Closest Freeways/Highways Exposure: Riverside Freeway (SR-91)
- Closest Ports: Port of Long Beach
- Value: $9,900,000
- Terms: sale
- NAI Capital, Lee Chang Group Agents: Richard Lee, Nicholas Chang
- Property Address: 3600 Lime Street