California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Riverside Value-Add Office Building Trades Hands
Providence Capital Group acquired an office building in Riverside, CA from Magnon Companies for $7.2 million. The 58,312-square-foot building at 1650 Spruce St. consists of five stories, and features ample parking and two on-site restaurants.
Located at the confluence of the 91 and 60 freeways, the highly visible property sits in proximity to 16 restaurants, six hotels as well as several grocery stores and banks. The building, constructed in 1989, features steel framing and a two-story atrium.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Sammy Cemo, and Phillip Woodford represented the seller, as well as the buyer.
“This was a rare opportunity for investors, because it was the only Class A value-add opportunity in the Inland Empire at the time of sale,” said Stache. “The value-add component will allow the buyer to achieve higher returns down the line through lease-up of the vacant space.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


