The five-building property was 65% leased at the time of the sale with a tenant list including Toshiba, KGGI Radio Station, Riverside Radiology and several administrative offices for Riverside County. John Kocmur, president of Janez, says the company plans $900,000 in renovations, including the replacement of existing roofs and HVAC units, exterior improvements and landscaping upgrades. Janez VP Jeff Zuckerman adds that the Riverside office park offers significant upside in rental income and fits the company's value-added investment model. The property benefits from its location near the 60, 215 and 91 freeways, the Janez execs note. Janez, through its management affiliate, Janez Properties, will oversee the capital improvements program and provide property management services as well as retaining and overseeing third party leasing of the business park.

Kocmur says the purchase is part of a strategy by Janez to "aggressively pursue acquisition opportunities throughout Southern California" with its new joint venture partner.

Zuckerman and Ron Douglas, managing director of Janez Advisory Services, an affiliate of Janez Properties, represented Janez Investments. Phil Woodford of the Ontario office of CB Richard Ellis and Pat Scruggs and Gary Stache of the Newport Beach Private Client Group of CB Richard Ellis represented the seller, Magnon Cos. and Iowa Business Park LLC.

Janez Properties and its affiliates focus on the acquisition, development and management of commercial real estate in Southern California. The firm has acquired and/or developed 30 Southern California properties, valued at more than $400 million, on behalf of private and institutional investors.