IE Business Daily Business news for the Inland Empire.
A Riverside office building has been sold.
The five-story structure at 1650 Spruce St., which covers 58,300 square feet, sold for $7.2 million, according to CBRE.
Magnon Cos., a Riverside developer, was the seller. Providence Capital Group Inc., a real estate investment and management firm in Encinitas, bought the building.
The transaction was announced Wednesday.
CBRE represented both parties in the negotiations.
Located at the 91 and 60 Freeway interchange, the building is about 50 percent occupied. It has two restaurants, and its tenants include The Make-a-Wish Foundation, MassMutual Life Insurance and Coyne & Associates, a nonprofit that helps educate children with autism and other developmental disorders.
The building was the only Inland Empire Class A office building on the market when it was sold, according to the statement.
The office market in Riverside and San Bernardino counties has experienced positive net absorption in 23 of the past 24 quarters, a trend that is expected to continue this year, according to the statement.
