IE Business Daily Business news for the Inland Empire.
A Rancho Cucamonga building that is used as a call center by Citizens Business Bank has been sold.
The structure at 9337 Milliken Ave. was sold by the bank for $21.5 million to a private investor whose name was not released, according to a statement.
The 47,700-square-foot building, which also serves as the bank’s corporate office, sits on 4.3 acres just west of Interstate 15 and north of Interstate 10. The sale price breaks down to $449 per square foot.
The sale-leaseback agreement gives Citizens Business a 10-year guaranteed lease on the property.
“Securing a corporate-guaranteed 10-year leaseback in such a prime location ensures stable cash flow and long-term value for our client,” said Edward Michino, vice president with NAI Capital Commercial in the statement. “As the real estate market evolves, we continue to see strong demand from clients ready to pursue complex investment opportunities.”
