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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
