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December 5, 2019
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Providence Capital GroupBuys 59k sf Inland Empire Office Asset

11/19/19

Rincon Corporate Plaza, a 58.9k sf office building in Riverside County, was acquired for $11.8 mil ($200/sf) by ZHOPE LLC. The property was sold by San Diego-based Providence Capital Group.

Located at 355 E. Rincon St in Corona, the building was 100% leased to 17 tenants at the time of sale. Rincon Corporate Plaza’s tenant roster consists of both local and national corporations, including Lennar Homes, Wells Fargo, and Verizon.

CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson represented the seller in the transaction. Shaun Moothart and Jenifer Ansari, also with CBRE, arranged the financing for the Corona-based buyer.

“This is a fantastic asset that is strategically located in one of the Inland Empire’s most sought-after commercial real estate submarkets,” said DeLorenzo. “Rincon Corporate Plaza provides the buyer with immediate cash flow security and future upside, with in-place rents approximately 11% below market.”

Corona has consistently been a top performing office market in Southern California, with a direct vacancy rate of 5.9% as of the third quarter of 2019, according to a CBRE research report. In the Inland Empire, the average asking lease rate for office space ended Q3 at $2.01 per square-foot, hitting the $2 mark for the first time since the fourth quarter of 2009.

“The debt markets responded very well to this financing opportunity, and the borrower was able to hedge against any interest rate risk by locking a rate in the mid-3% range,” said Moothart.




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