Turner Sells Riverwalk Project Phase III

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RIVERSIDE, CA-Turner Development of Newport Beach has sold all 13 office condominiums in the third phase of the company’s 500,000-sf Riverwalk mixed use office and retail project and is well into sales of Phase IV. The company says that it sold all of the Phase II condos within three months of completion and has sold or leased 30% of the 105,000 sf in the fourth phase of the development.

The Riverwalk project occupies a 73-acre site near the Riverside (91) Freeway and Interstate 15, close to the Pierce Street exit.The latest buyers include home builder DR Horton, which has pre-leased approximately half of a 41,000-sf, two-story office building in Phase IV. Other office tenants in previous phases include William Lyon Homes, Woodside Homes and the law firm of Welebir and McCune.

In addition to space for lease, Phase IV will include six medical and 11 professional office condos for sale, at asking prices of $235 to $320 per sf. Floor plans range from 2,600 sf to 11,500 sf.

In Phase III, Irvine-based Canyon Consulting and Bender & Associates have both expanded into the Riverside market, with their first Inland Empire offices at Turner Riverwalk. Other new office condo owners that have purchased units in Phase III include residential and commercial real estate firm ReMax, Kaiser Federal Bank and retail shopping center management firm BPI.

When complete, Turner Riverwalk will be one of the largest master-planned business parks in the Inland Empire with approximately 1 million sf, including more than 500,000 sf of class A office space. Planning is under way for a retail center including restaurants, shops and a hotel.