IE Business Daily Business news for the Inland Empire.
A Class-A office building in Corona has been sold.
The three-story structure sold recently for $7.1 million and was a little more than half occupied when escrow closed, according to a statement released this week.
Avison Young’s Irvine office represented the buyer, Providence Capital Speed Fund II LLC, which is part of Providence Capital Group Inc. in Encinitas.
CBRE Group Inc. represented the seller, Rincon Holdings Inc.
The building at 335 E. Rincon St., is on nearly three acres near the intersection of the Interstate 15 and the 91 Freeway. It had an 8,000-square-foot lease pending that was negotiated by Providence Capital Speed during the escrow proceedings.
That deal, along with the Inland office market showing signs of improvement, made the purchase “strategic and well-timed,” said Dan Vittone, principal with Avison Young Irvine, in the statement.
Nearly two million square feet of office space has been added in Riverside and San Bernardino counties since the second quarter of 2011, according to the statement.
