247,625 sq ft 5-building industrial park

An affiliate of Riverside acquired this five-building, 247,625 square foot industrial park in 2015, for $19,000,000. The property was purchased from the family that originally developed it in the late 1970s into the1980s. Riverside served as the property manager, leasing agent, developer, and construction manager for this project.

Riverside coordinated improvements to the property during its ownership including, replacement of all roofs, modernization of two buildings’ electrical gear, installation of a consistent signage program across the property, and numerous smaller projects.  Riverside managed the tenancy of approximately 50 rental units and maintained an average occupancy of more than 95% over the 8 years it owned the property. 

In 2018, Riverside initiated permitting for the installation of a 1.8-megawatt photovoltaic (PV/Solar) installation across the five buildings’ rooftops. Once all entitlements were received, it sold the solar project and leased the rooftops to a 3rd party developer, who then constructed the PV/Solar facility that went into service in 2021. 

Riverside sold the property in 2023 to an institutional investor for $51,000,000.