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Real Estate

Apartment complex fetches $5.4 million

Apartment Building in Riverside

A 32-unit apartment complex in Riverside has sold for $5.4 million. Located at Madison Street and Magnolia Avenue, the two-story multifamily property has exclusively one-bedroom floorpans, according to a statement released today by CBRE. The purchase price works out to $170,000 per unit. Brian and Sue McMillan were the sellers …

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Industrial building leased to bedding company

An 80,000-square-foot industrial building in Rialto has been leased. The building, at 1798 N. Linden Ave., will be fully occupied by “a well-established leader in the bedding industry,” according to Dermody Properties in Reno, Nev., owner of the property. The future occupant’s name, and how many people will work there, …

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Apartment complex sells for record price

A 30-unit apartment complex in Moreno Valley has sold for $6.7 million. That is the most ever paid for a multi-family property in that part of Riverside County, according to the The Mogharebi Group, the Costa Mesa-based real estate brokerage that negotiated the sale. The sale price of Victory Gardens …

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Ricoh signs industrial lease in Rialto

IE manufacturing

An information management and digital services company has leased distribution space in Rialto. Ricoh USA Inc. will occupy 374,000 square-feet in a logistics building at 1920 W. Baseline Road, according to a statement released yesterday. The company plans to use the building for light assembly and distribution. Terms of the …

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African-American, Hispanic families lag in home ownership

Fewer than half the African-American and Hispanic households in California last year could afford a median-priced home, according to data released Tuesday. Only 19 percent of black households and 20 percent of Latino households could afford a median-priced, single-family home of $659,380, the California Association of Realtors reported in its …

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Inland office market still struggles

COVID-19 continued to take a bite out of the Inland Empire office market during the fourth quarter. The two-county region recorded negative absorption of 64,148 square feet and a vacancy rate of 10.1 percent, according to CBRE. Inland Empire East accounted for most of the occupancy loss throughout the year …

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