{"id":1004130384,"date":"2015-10-30T12:33:46","date_gmt":"2015-10-30T20:33:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130384"},"modified":"2020-04-01T06:57:27","modified_gmt":"2020-04-01T14:57:27","slug":"city-of-riverside-goes-from-renter-to-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/","title":{"rendered":"City of Riverside Goes from Renter to Owner"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

In a $37.95 million deal, the City of Riverside has purchased Mission Square, a fully occupied, six-story, 127,533-square-foot, Class A office building in Riverside, Calif.<\/p>\n

\"Mission<\/a>

Mission Square, Riverside Calif.<\/p><\/div>\n

Newmark Grubb Knight Frank<\/a> (NGKF) has completed the transaction on behalf of the seller, NNN Mission Square LLC.<\/p>\n

The City of Riverside, through its Public Utility Division, has been a tenant at the property since August 2011, occupying 70,281 square feet of space.<\/p>\n

The sale was arranged by Senior Managing Directors John Daciolas and John Ewart from NGKF’s Ontario office.<\/p>\n

“This transaction not only benefitted the buyer, but the seller as well, which was a tenant-in-common group comprising dozens of partners. The group, which acquired the building in 2006, was able to take advantage of the upswing in market conditions over the past couple of years and realized a reasonable return on its investment.”<\/p>\n

The office market in the City of Riverside’s downtown area is the tightest in the entire Inland Empire region, with rents well above the regional averages. The city’s vacancy rate is also well below that of the region due to the high demand for office space for city, county and supporting services.<\/p>\n

With roots dating back to 1929, NGKF is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.<\/p>\n

Image courtesy of Newmark Grubb Knight Frank<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The City of Riverside has become the owner-user of a Class A office building located in downtown Riverside, the tightest market in the Inland Empire region.<\/p>\n","protected":false},"author":260,"featured_media":1004130392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21747],"tags":[],"class_list":["post-1004130384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-office"],"acf":[],"yoast_head":"\nCity of Riverside Goes from Renter to Owner - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City of Riverside Goes from Renter to Owner\" \/>\n<meta property=\"og:description\" content=\"The City of Riverside has become the owner-user of a Class A office building located in downtown Riverside, the tightest market in the Inland Empire region.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-30T20:33:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T14:57:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1016\" \/>\n\t<meta property=\"og:image:height\" content=\"762\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/\",\"name\":\"City of Riverside Goes from Renter to Owner - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg\",\"datePublished\":\"2015-10-30T20:33:46+00:00\",\"dateModified\":\"2020-04-01T14:57:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg\",\"width\":1016,\"height\":762,\"caption\":\"Mission Square, Riverside Calif.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"City of Riverside Goes from Renter to Owner\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad\",\"name\":\"Adriana Pop\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91\",\"caption\":\"Adriana Pop\"},\"description\":\"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https:\/\/www.linkedin.com\/in\/ioana-adriana-pop-811772108\/.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/adriana-pop\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"City of Riverside Goes from Renter to Owner - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/","og_locale":"en_US","og_type":"article","og_title":"City of Riverside Goes from Renter to Owner","og_description":"The City of Riverside has become the owner-user of a Class A office building located in downtown Riverside, the tightest market in the Inland Empire region.","og_url":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-10-30T20:33:46+00:00","article_modified_time":"2020-04-01T14:57:27+00:00","og_image":[{"width":1016,"height":762,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg","type":"image\/jpeg"}],"author":"Adriana Pop","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/","url":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/","name":"City of Riverside Goes from Renter to Owner - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg","datePublished":"2015-10-30T20:33:46+00:00","dateModified":"2020-04-01T14:57:27+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg","width":1016,"height":762,"caption":"Mission Square, Riverside Calif."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/city-of-riverside-goes-from-renter-to-owner\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"City of Riverside Goes from Renter to Owner"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad","name":"Adriana Pop","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","caption":"Adriana Pop"},"description":"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https:\/\/www.linkedin.com\/in\/ioana-adriana-pop-811772108\/.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-pop\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Mission-Square-Riverside-Calif..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004130384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/260"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004130384"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004130384\/revisions"}],"predecessor-version":[{"id":1004406565,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004130384\/revisions\/1004406565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004130392"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004130384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004130384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004130384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}