D
unbar Real Estate Investment Management has acquired the Summit Business Center in Riverside's Hunter Industrial Park for $19 million. The 138,700-square-foot business park was sold by CIP Real Estate of Irvine. Brokers from Cushman & Wakefield represented the seller in the transaction, which works out to $137 per square foot.

    This price is notable as it approaches the value of Downtown Los Angeles office towers on a per-square-foot basis. The Aon Center recently sold for $134 per square foot and the Bank of America Plaza was appraised at $135 per square foot. The five-building office and industrial park, built in 1989 across 9 acres, underwent renovations in 2018.

    The property offers easy access to government and business-to-consumer companies, with its IE location being a major advantage due to the region's low office vacancy rate. Dunbar Real Estate Investment Management, founded in 2011, owns 14 industrial properties in Los Angeles, Riverside, and Orange Counties, as well as an office building and apartment complexes in the area.