Mission Square Commands Nearly $34M

RIVERSIDE, CA-Triple Net Properties of Santa Ana has purchased the 128,000-sf Mission Square office property from CT Realty Corp. of Newport Beach for $33.5 million. Triple Net bought the Downtown asset at 3750 University Ave. on behalf of 27 tenant-in-common investors.CT Realty acquired the class A office building in May 2004 with equity financing from its CT California Fund IV and debt financing from Pacific Coast Capital Partners. According to Marc Belluomini, EVP of CT Realty, the company invested approximately $1.2 million to upgrade the property, which was originally completed in 1984.Among the improvements were major lobby and corridor renovations, elevator cab upgrades and a new cooling tower. At the time of the building's sale to Triple Net Properties, Mission Square was 100% leased. Major tenants at the building include Best, Best &Krieger, Varner, Saleson & Brandt and Wells Fargo Bank.The Mission Square building is one of two assets in Riverside that CT Realty sold recently. The other was a Wells Fargo office property at 1595 Spruce St., which is sold for $9 million to a Northern California private investor.CT Realty retains a presence in Riverside, notes Belluomini, who points out that the company's holdings include a mixed-use redevelopment project at Magnolia Square and that CT Realty is seeking other properties in the Riverside area. CT Realty was represented in the sale of the Mission Square building by Alan Pekarcik, Dan Vittone, Mike Bouma and Rob Mitchell of the Irvine and Anaheim offices of Voit Commercial Brokerage.The Triple Net buyers were represented by Chris Rooney of Triple Net Properties. Financing was provided by Wachovia Bank and was arranged by Brad Zampa and Matthew Gum of Cornish & Carey Capital.