Batoosingh and Phil Woodford of CB Richard Ellis represented both the buyer and the seller, which was a partnership controlled by the Magnon Cos.of Riverside. Batoosingh says the sale is another sign of the strong office market in Riverside, where a number of speculative office developments are under way and the owner-user market has been brisk for at least several years.
Other parts of the Inland Empire are reporting office demand as well, including Rancho Cucamonga, where Kiwanis International plans to build a 12,500-sf office building for its California, Nevada and Hawaii District Office. Kiwanis will be relocating the office from Oakland and expects to hav eit built in time for occupancy by September 2006, reports Linda Daniels, director of Rancho Cucamonga's Redevelopment Agency.
Kiwanis is the latest organization to locate its main or regional headquarters in Rancho Cucamonga, Daniels notes. Kumho Tire recently moved its North American headquarters to the city from Fontana and Ledesma & Meyer Construction's new corporate headquarters is also being built in the city.
The new Kiwanis building will be owned and developed by the Kiwanis Cal-Nev-Ha Foundation and will serve as the base of operations for administrative staff to manage the 540 clubs in the district. The organization will also lease out some of the space to other tenants.
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