Business Center Sold for Cash--$6.45 Million
The Riverside Business Center has been purchased from Newport National Corp. for $6.45 million cash by Lincoln Property Co., Irvine. Coldwell Banker Commercial Real Estate Services represented both sides of the transaction.
The center now consists of an 87,000-square-foot, six-building, multitenant office and industrial complex and one 21,000-square-foot freeway showroom building. Lincoln Property Co. will immediately begin construction of an additional 170,000 square feet of commercial, retail, office and industrial buildings.
Lincoln also has the option to purchase an adjacent 6.3 acres fronting the 91 Freeway at Sterling Avenue.