Dunbar Real Estate Investment Management has bought a 138,700-square-foot business park in the Inland Empire for $19 million.
The El Segundo-based investor bought the Summit Business Center at 2002-2038 Iowa Avenue, in Riverside, L.A. Business First reported. The seller was CIP Real Estate, based in Irvine.
The deal works out to $137 per square foot. Brokers Jeffrey Cole, Nico Napolitano, Kristen Schottmiller, Francisco Vazquez and Christian Giles of Cushman & Wakefield represented the seller.
The price is notable in that it almost equals Downtown Los Angeles office towers on a per-square-foot basis. The December sale of the Aon Center worked out to $134 per square foot, and another Downtown property, the Bank of America Plaza, was recently appraised at $135 per square foot.
The five-building office and industrial park, built in 1989 across 9 acres, was revamped in 2018.
The property, while containing 85 percent offices, has 11 ground-level roll-up doors within the master-planned Hunter Industrial Park.
Napolitano said the business park offers easy access to government and business-to-consumer companies. Its IE location is also a plus, as the market has the third-lowest office vacancy among the nation’s 50 largest cities, according to Cushman & Wakefield.
Dunbar did not disclose its plans for the mostly office park.
Dunbar Real Estate Investment Management, founded in 2011, owns 14 industrial properties in Los Angeles, Riverside and Orange Counties, according to its website. It also owns an office building in Orange County and 14 apartment complexes in Los Angeles and Orange counties.
In December, the firm bought the Signal Hill Technology Park in Signal Hill for $9.9 million, according to Business First.
— Dana Bartholomew
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