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Rustin – Build to Suit Redevelopment

 

In January 2013, BH Properties acquired a 163,048-square foot property situated on a 14.5-acre site in Riverside, California for $10.0 million. The two-story building was originally constructed in 1983 and was formerly used by AT&T as a call center for its Yellow Pages business. The property is well-located at the base of the Box Springs Mountains with close proximity to multiple major Southern California freeways, providing easy access from all over Riverside County. Additionally, the Property features abundant surface parking with 1,200 stalls at a ratio of 8 spaces per 1,000 square feet.

Following the acquisition, BH entered into a sale agreement with the County of Riverside. The agreement stipulated that BH extensively redevelop the property at a cost of approximately $17.0 million. Working with dedicated representatives from the County of Riverside and Oltmans Construction Company, BH Properties delivered a turn-key project on time and on budget.The repositioning of the asset enabled the County of Riverside to consolidate several of its departments, putting them under one roof, achieving operational efficiency, cost savings, and a more convenient customer experience.