Loring Building Sells to Buyer Embedded in Riverside

Riverside is ranked as one of the premier office investment markets in Southern California in 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.

With that ranking in mind, the three-story historic Loring Building recently sold to a local private investor for $6.15 million or $251 per square foot. The 24,562-square-foot multi-tenant office building is located at 3685 Main St. in downtown Riverside.

It was built in 1890 and is 90 percent 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 was once a part of Riverside’s opera house. It sits in proximity to the Mission Inn, the Convention Center, Riverside Food Lab, new multifamily developments, and has access to Highway 91, 60 and Interstate 215.

Sammy Cemo, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Vindar Batoosingh with CBRE represented the seller, a Riverside-based partnership of private investors.

 “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.