IE Business Daily Business news for the Inland Empire.
An office building in Redlands has been sold.
The two-story structure at 1901 Orange Tree Lane sold for $3.5 million, said Rick Lazar, senior vice president with Coldwell Banker Commercial Sudweeks Group, which occupies about 10 percent of the structure.
The buyer was a private investment group in Ontario.
Coldwell Banker will remain in the building, which is immediately east of the San Bernardino County Museum near Interstate 10, Lazar said.
Escrow on the 23,500-square-foot building closed Dec. 17, less than two weeks after it went on the market.
“We went with the first offer we got, which was a substantial price,” said Lazar, who said Coldwell Banker has maintained an office in the building since 2005, the year it opened.
Other tenants include Travelers Insurance, Stifel Nicolaus & Co. Inc., a full-service brokerage and investment banking firm based in Pasadena and Reiss Jackson & Co., an accounting firm. The Orange Tree Lane address is Reiss Jackson’s corporate headquarters.
The sale is another sign that the Inland Empire office market, which was devastated by the recession, is making a comeback.
“It’s a good market right now for anyone who wants to invest in office properties,” Lazar said. “There’s a fairly strong demand for them.”
