IE Business Daily Business news for the Inland Empire.
A 131-year-old office building in downtown Riverside has been sold.
The three-story Loring Building at 3685 Main St. sold for $6.1 million, or $251 per square foot, according to a statement released by CBRE.
CBRE represented the seller, a Riverside-based private investment group whose names were not released. The buyer was a private investor who also wished to remain anonymous.
The 24,562 square-foot structure is 90 percent occupied. Its tenants include the law firm Reid & Hellyer and Citizens Business Bank. The bank has been leasing ground-floor space there since 1992.
The Loring Building, built-in 1890, was once part of the Riverside Opera House. It’s near the Mission Inn, the Riverside Convention Center, Riverside Food Lab, and several new upscale multifamily developments. It also has convenient access to State Route 60 and Interstate 215.
