Western Spire Pays $7M for Rancho Cucamonga Project Site
CBRE has announced the $6.78 million sale of a 1.82-acre vacant development site at the corner of Red Oak Street and Spruce Avenue in Rancho Cucamonga, CA. The buyer, real estate investment firm Western Spire, plans on building a multifamily community on the site, the company’s first development project in the Inland Empire.
CBRE’s Wes Jones, Stewart Weston, Dean Zander and Rosie Cooper represented the seller, Chase Partners, Ltd in the transaction. “The site presented the opportunity to acquire a development site within one of the most sought-after markets offering a myriad of retail options, excellent schools and a plethora of jobs,” said Weston. “It garnered significant investor interest and multiple qualified offers received.”
According to Redfin, Rancho Cucamonga boasts an average household income over $132,000 and an average home value of more than $870,000. In addition, the city has received many accolades including one of the “Best Places to Live” by Money Magazine.