IE Business Daily Business news for the Inland Empire.
A mixed-use facility in Redlands that traces its roots to the late 19th century has been sold.
The two-building complex at 21 W. Stuart Ave., which covers nearly 16,300 square feet, sold recently for $3.5 million, according to a statement released by CBRE, which helped negotiate the sale.
The buyer was ParGold LP, a local investment firm. Information regarding the seller was not disclosed.
Both buildings were built in 1889 as a warehouse and sales facility to support the region’s citrus industry, which was booming at the time.
Over the years, the buildings have had a variety of uses, including a nursery and skate park.
The property has been the global headquarters of Statistical Research, Inc., and it’s next door to the historic Santa Fe Depot.
ParGold also plans to attract commercial development to the site.
“We will target office and retail users, including traditional retailers, breweries, restaurants and other users who will benefit from the renaissance that has begun in downtown Redlands,” said Ben Calamore, corporate real estate and projects manager for ParGold, LP, in a statement.
