RIVERSIDE, CA-GlobeSt.com exclusively learns that BH Properties LLC, a Los Angeles-based commercial real estate investment firm, has paid $9.5 million for a 147,194-square-foot office property located at 2085 Rustin here in Riverside, CA. Executive vice president Steve Jaffe says that this was a great price for “a high quality asset.”
Jaffe explains that the firm hopes to continue to aggressively expand further into its core markets in 2013. The marketing of the asset was handled by Auction.com.
BH Properties was represented by David Mudge of Lee & Associates while the seller, Century Park Partners LLC was represented by Sean Fulp of Rockwood Real Estate Advisors.
Built in 1983, the two-story Rustin property underwent extensive tenant improvements in 2000. Situated on approximately 14.5 acres at the base of the Box Springs Mountains, the building allows for regional accessibility and provides occupants quick access to multiple major Southern California freeways including I-215, I-10 and state route 91. It features an abundance of surface parking with approximately 1,213 stalls resulting in a parking ratio of just over eight per 1,000 square feet.
The property is currently 64% occupied by publicly traded telecommunications giant AT&T. BH Properties' director of acquisitions Andrew Van Tuyle, says that “The combination of lot size, clear height and parking ratio allows us to offer amenities not available anywhere else in Riverside.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
