RIVERSIDE, CA-GlobeSt.com exclusively learns that BH Properties LLC, a Los Angeles-based commercial real estate investment firm, has paid $9.5 million for a 147,194-square-foot office property located at 2085 Rustin here in Riverside, CA. Executive vice president Steve Jaffe says that this was a great price for “a high quality asset.”
Jaffe explains that the firm hopes to continue to aggressively expand further into its core markets in 2013. The marketing of the asset was handled by Auction.com.
BH Properties was represented by David Mudge of Lee & Associates while the seller, Century Park Partners LLC was represented by Sean Fulp of Rockwood Real Estate Advisors.
Built in 1983, the two-story Rustin property underwent extensive tenant improvements in 2000. Situated on approximately 14.5 acres at the base of the Box Springs Mountains, the building allows for regional accessibility and provides occupants quick access to multiple major Southern California freeways including I-215, I-10 and state route 91. It features an abundance of surface parking with approximately 1,213 stalls resulting in a parking ratio of just over eight per 1,000 square feet.
The property is currently 64% occupied by publicly traded telecommunications giant AT&T. BH Properties’ director of acquisitions Andrew Van Tuyle, says that “The combination of lot size, clear height and parking ratio allows us to offer amenities not available anywhere else in Riverside.”