Mission Lake Center
Nicholas Chang and Richard Lee
Riverside, CA, May 19, 2015– NAI Capital was instrumental in representing both the buyer and seller of Mission Lakes in Riverside, Calif. An undisclosed investor based out of New York, which specializes in purchasing underperforming real estate loans, had only owned Mission Lakes for six months prior to selling to Stillwater Investment Group, LLC of California for $9.9 million.
Mission Lakes is a seven building 81,975 square foot garden style office park in the city of Riverside with a diverse tenant mix. The project was approximately 82% occupied at the time of the sale. Mission Lakes is a unique office environment which includes a lake, waterfalls and lushly landscaped courtyards. The project is centrally located within walking distance of downtown Riverside with plentiful retail amenities. The site offers abundant free parking, an on-site mail center and a 700 square foot conference center.
Nicholas Chang and Richard Lee, both senior vice presidents with NAI Capital represented seller and buyer. “We had tremendous interest immediately upon exposing the property to the investment community. Stillwater Investment Group quickly emerged as the best qualified buyer,” said Nicholas Chang. “The office vacancy in the city of Riverside is down year over year and rents are rising, this project is poised to produce a great return on investment. In the time the property was in escrow, the cap rate actually went up due to the recent leasing activity at the new market rates.”
Mr. Richard Lee added, “The property is centrally located within downtown Riverside, just a couple of minutes from the 91 Freeway, which make it the ideal location for service oriented tenants. With the current economy on the rise, occupancy at Mission Lakes should quickly move toward 100 percent and the cap rate shall continue to rise as the legacy tenants renew at the new market rates.”
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.
NAI Capital Brokerage CA BRE #00806840.
