CBRE Sells 1.8-Acre Multifamily Development Site in Western Inland Empire for $6.78 Million

CBRE announced the $6.78 million sale of a 1.82-acre multifamily development site at the northwest corner of Red Oak Street and Spruce Avenue in Rancho Cucamonga, California. The property is within City Center, an area of Rancho Cucamonga zoned for future retail, civic activity, and multifamily housing, and is a hub for future employment within a pedestrian-oriented and transit-ready location.

Wes Jones, CBRE’s industrial specialist, and CBRE’s Stewart Weston, Dean Zander, and Rosie Cooper, whose expertise include multifamily and land, marketed the property for sale on behalf of the seller, Chase Partners, Ltd, led by David Parker, a local Southern California investment and development firm that has been active in the region for over 40 years.

The buyer was Western Spire, a private real estate investment firm focused on adding urban infill housing projects to suburban Southern California markets. This acquisition represents the company’s first development project in the Inland Empire, where they plan to build multifamily.

“Our team leveraged CBRE’s vast and seamless platform of resources and capabilities to provide unparalleled access to a wide array of domestic and foreign institutional investors and active local private investors,” said CBRE’s Zander. “CBRE’s deep investor relationships combined with their technology capabilities and finance and investment banking services helped the team to fully evaluate and execute a best-in-class investment strategy.”

“Wes, Rosie, Dean, and Stewart of CBRE did an outstanding job marketing and bringing this transaction to the finish line in the ever-changing environment. We couldn’t be more pleased with the performance by CBRE and the outcome of this offering,” said David Parker, president, Chase Partners.

Rancho Cucamonga is a preeminent location in the Inland Empire and has received many accolades such as one of “Best Places to Live” by Money Magazine. The city also boasts an average household income over $132,000 and an average home value of more than $870,000, according to a recent Redfin report.

“The Spruce and Red Oak site presented the opportunity to acquire a development site within one of the most sought-after markets offering a myriad of retail options, excellent schools, a plethora of jobs and excellent accessibility to the greater Inland Empire and the rest of Southern California,” said CBRE’s Weston. “It garnered significant investor interest and multiple qualified offers received.”