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RIVERSIDE, CA-A private investor has acquired a Hunter Park office building for $4.2 million in a market where little space is available and demand remains strong from the growing number of technology, professional and corporate users in this city, according to CB Richard Ellis.Vindar Batoosingh of CB Richard Ellis in Ontario reports that the Hunter Park property, which he describes as indicative of growing investor interest in the area, was a 26,960-sf building at 2155 Chicago Ave. that was 100% leased at the time of the sale. Batoosingh and Phil Woodford, also of CB Richard Ellis in Ontario represented both the private investor who bought the property and seller Chicago Avenue Associates, a partnership controlled by The Magnon Cos. of Riverside.Batoosingh says new office developments are expected in the Hunter Park area, but until then there is not much available space. “As a result, there is a great deal of interest from investors in this area who are anticipating rent increases when the new office buildings are developed,” Batoosingh says. He says new office developments will all be pushing lease rates over $2 per sf per month.The three-story building that Magnon Cos. sold is located adjacent to JAG’s restaurant, is near the 91 and 60/215 freeways, and is occupied by a mix of accountants and other professional firms, engineers, financial services companies and law offices. Hunter Park is close to the UC Riverside campus, one reason Batoosingh cites for the high level of interest from tenants and investors, including a high percentage of technology companies. Office markets in Riverside, Ontario and other parts of the Inland Empire have outperformed the rest of the state and the country in recent years, maintaining low vacancy rates even during the recession, as more companies move office operations to the Inland Empire to be near the region’s labor force.

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