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Real Estate

Norco to get another hotel

Building approved for UCR business school

A 108-room hotel is under construction in Norco. Tru by Hilton is being built at 3481 Hamner Ave., on a vacant parcel on the east side of the street, according to a statement on the city’s website. Approved by the city in 2019, the four-story hotel will be located immediately …

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High Desert industrial building sells for $5.5 million

Sold Sign

A High Desert industrial building occupied by General Dynamics Information Technology, Inc. has been sold. The 30,000-square-foot structure in the IE-North Commerce Center in Adelanto sold for $5.5 million, according to Graystone Capital Advisors, a full-service commercial real estate brokerage in Newport Beach. Graystone represented the seller, Frontier Enterprises, in …

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State home sales stay down

U.S. home prices record annual decline

Sales of existing single-family homes in California totaled 281,050 in March, the sixth consecutive month sales have fallen below 300,000, according to data released Tuesday. That number was one percent below February’s sales but 34.2 percent below March 2022, when sales of detached homes reached 427,000. The March sales numbers …

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Ontario car wash sells for $3.5 million

A car wash near Ontario Mills has been sold for $3.5 million. Fast5Xpress Car Wash was sold to a private investor from Orange County whose name was not released, according to a statement released by Hanley Investment Group in Corona Del Mar. Hanley Investment represented Evergreen Development, the project’s developer. …

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Median U.S. rent drops

U.S. home prices record annual decline

The median U.S. rent fell 0.4 percent in March, the first year-over-year decline in that category in three years, according to data released Tuesday. The $1,937 median rent was also the lowest nationwide in 13 months, according to Redfin, the Seattle-based residential real estate brokerage. To put those numbers in …

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IE industrial lease rates fall slightly

Leasing activity nearby doubled

The Inland Empire industrial market cooled slightly during the first quarter, as vacancies rose and lease rates declined, according to data released today. The vacancy was 2.1 percent, still low but an increase of 74 basis points from the fourth quarter of 2022, Voit Real Estate Services reported. Lease rates …

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