RIVERSIDE, CA—CIP Real Estate has acquired Center Tower Riverside a five-story, 73,000-square-foot class A office property in downtown Riverside. The company has also inked new management contracts for Ontario Airport Towers, a six-story, 147,000-square-foot class A office property and Empire Towers V, a five-story, 125,000-square-foot class A office building, both of which are located in the Ontario International Airport submarket.

“Center Tower Riverside is 72-percent leased to seven quality tenants, offering an attractive combination of stable cash flow and value-add potential,” said Eric Smyth, principal of CIP Real Estate. “It is very rare to have the opportunity to purchase a Class A office asset in Downtown Riverside so we are excited to tackle the re-branding and re-positioning of this unique property.”

Current tenants at Center Tower include Blue Cross of California, City of Riverside: Environmental Health, Index Fresh, and Kleinfelder West, Inc., as well as three law firms.

CIP Real Estate purchased Center Tower Riverside in joint venture with Baltimore-based Alex. Brown Realty for $13.8 million from a private partnership. The venture will be investing more than $1.5 million in the building for extensive interior renovations and new high-end tenant improvements.

Since 1998, CIP Real Estate and Alex. Brown Realty have jointly acquired 20 projects that total more than 2,500,000 square feet with a value in excess of $175 million. With opportunities for upgrades and an excellent location at 3880 Lemon Street with access and visibility from the 91 Freeway, Center Tower Riverside fits into the joint venture’s strategic value-added program.

“CIP Real Estate identified Center Tower Riverside as a unique opportunity to acquire and upgrade a property that is sure to thrive with strategic improvements to its exterior and common area amenities,” said Michael Kendall, senior vice president of investment properties for CBRE, Capital Markets. “It is rare for Class A properties to come to the market in Downtown Riverside, and with vacancy rates trending to below 10% downtown Riverside is definitely one of the Inland Empire’s hottest submarkets.”

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