LOS ANGELES – July 6, 2021 – CBRE announced the historic Loring Building, a three-story office property in Riverside in the Inland Empire, sold to a local private investor, for $6.15 million, or $251 per square foot.
Sammy Cemo, Anthony DeLorenzo, Gary Stache, Bryan Johnson, and Vindar Batoosingh with CBRE represented the seller, a Riverside-based partnership of private investors.
The 24,562 square-foot property, located at 3685 Main Street, is a multi-tenant office building in the heart of Downtown Riverside. It was built in 1890 and is 90 percent occupied by such tenants as law firm Reid & Hellyer and Citizens Business Bank, which has been leasing the ground-floor retail space since 1992.
The building, featuring Richardsonian Romanesque architecture, was once a part of Riverside’s opera house. It sits in proximity to the Mission Inn, the Convention Center, Riverside Food Lab, new Class A multifamily developments, and has easy access to Hwy 91, 60 and Interstate 215.
“The property and its rich history that is intertwined with evolving Downtown Riverside, sold to a local buyer who is embedded in the community, ensuring that the asset is in great hands for generations to come,” said Cemo.
Riverside is ranked as one of the premier office investment markets in Southern California over the next two years, according to CBRE Econometric Advisors. Due to its relative affordability, the area has benefited from increased tenant migration from more expensive coastal locations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.