IE Business Daily Business news for the Inland Empire.
A 1.8-acre commercial parcel in Rancho Cucamonga has been sold for $6.7 million.
The vacant property, at the northwest corner of Red Oak Street and Spruce Avenue, is part of City Center, an area designated for future multifamily housing, retail and governmental use, according to CBRE.
CBRE marketed the site on behalf of the owner, Chase Partners, Ltd., in Los Angeles, an investment and development firm that has been active in the Inland Empire for more than 40 years. The buyer was Western Spire, a real estate investment firm that plans to develop multifamily there.
This will be Western Spire’s first project in the Inland Empire.
“The Spruce and Red Oak site presented the opportunity to acquire a development site within one of the most sought-after markets,” said Stewart Weston, executive vice president with CBRE’s Newport Beach and a member of the negotiating team.
Rancho Cucamonga has an average household income of more than $132,000 and an average home value of more than $870,000, according to Redfin.
