IE Business Daily Business news for the Inland Empire.
A Rancho Cucamonga building that is home to a U.S. Bank branch office has been sold for $3.2 million.
Progressive Real Estate Partners in Rancho Cucamonga represented both parties in the all-cash transaction, according to a statement released today.
The seller is a private investor in Santa Barbara County, the buyer a private investor in San Bernardino County. The purchase price works out to $763 per square foot.
Built in 1979, the 4,278-square-foot structure at 19th and Carnelian streets next to the Foothill Freeway was originally a Pomona First Federal Bank. It was bought in 2008 by U.S. Bank, the seventh-largest bank in the United States, with more than 3,000 branches and 4,700 ATMs.
The bank is in one of the better trade areas in the Inland Empire, with an average household income of $114,053 living within a three-mile radius. U.S. Bank signed a five-year lease extension last year, according the statement.
