Marcus & Millichap Lists $12.7M Social Services Building in Riverside County, CA

LAKE ELSINORE, Calif., Sept. 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for the 56,006 square-foot Riverside County Department of Social Services Building (top left photo)  in Lake Elsinore. The listing price of $12.7 million represents $227 per square foot.

Alvin Mansour (middle right photo) , a senior vice president investments and senior director of Marcus & Millichap’s Net Leased Properties Group (NLPG), is representing the seller, Riverside County.

“Investors will benefit from this newly constructed asset’s prime location in Elsinore Valley and the strength of its tenant, the Department of Social Services,” says Mansour.

 “Riverside County recently signed a 10-year absolute net-lease with 3.5 percent annual rent increases and two, five-year option periods, further strengthening its appeal to a broad range of potential buyers.”

Located at 1400 Minthorn St., the Riverside County Department of Social Services Building is situated on nearly five acres in western Riverside County. Constructed in 2008, the single-tenant asset is surrounded by a number of national retailers including Costco, Target, Lowe’s and Home Depot, among others.

Adjacent to Interstate 15, more than 122,000 vehicles pass by this property on a daily basis.

Lake Elsinore continues to grow, having added 6,000 new residents per year since 2001. In 2008, the city’s population reached 49,807.

The Elsinore Valley region features more than 100 square miles of planned commercial, light industrial, residential and resort-oriented communities strategically located near skilled labor and universities.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716