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7/08/21
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A local private investor paid $6.15 mil for the historic Loring Building, a three-story, 24.6k sf ($251/sf) office property in Riverside. It was sold by a Riverside-based partnership of private investors.
The property, located at 3685 Main St, is a multi-tenant office building in the heart of Downtown Riverside. It was built in 1890 and is 90% occupied by such tenants as law firm Reid & Hellyer and Citizens Business Bank, which has been leasing the ground-floor retail space since 1992.
The building, featuring Richardsonian Romanesque architecture, was once a part of Riverside's opera house. It sits in proximity to the Mission Inn, the Convention Center, Riverside Food Lab, new Class A multifamily developments, and has easy access to Hwy 91, 60 and Interstate 215.
Sammy Cemo, Anthony DeLorenzo, Gary Stache, Bryan Johnson, and Vindar Batoosingh with CBRE represented the seller in the deal.
“The property and its rich history that is intertwined with evolving Downtown Riverside, sold to a local buyer who is embedded in the community, ensuring that the asset is in great hands for generations to come,” said Cemo.
Riverside is ranked as one of the premier office investment markets in Southern California over the next two years, according to CBRE Econometric Advisors. Due to its relative affordability, the area has benefited from increased tenant migration from more expensive coastal locations.
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