Two Inland Empire apartment complexes sold recently for a combined $41.1 million.
The sales included Springbrook Park Apartments, a 120-unit property at 1100 North Orange St. in Riverside, and Mayfield Park Apartments, an 83-unit complex at 345 West 41st St. in San Bernardino.
CBRE represented both the buyer and seller in the transaction.
The buyer of Springbrook Park $27.3 million for the property; CBRE helped that buyer acquire a $13.86 million loan.
Mayfield Park sold for $13.8 million with a $8.9 million loan, according to CBRE.
Ryan Wilkinson with CBRE’s Debt & Structured Finance team arranged $22.8 million in acquisition financing and a $12 million cash-out refinance for the buyer’s existing asset, The Oliver in Culver City. CBRE said the combined financing of $34.8 million allowed the buyer to complete the deal with only $6.3 million in out-of-pocket capital.
The Mayfield apartments include 11 two-story buildings on 3.72 acres of land. The complex offers two- and one-bedroom floorplans.
Springbrook Park sits on a 6.79-acre lot and offers one-bedroom, two-bedroom and three-bedroom units.
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Rialto Village sold recently to Los Angeles-based Langdon Street Capital for undisclosed terms. The shopping center anchored by Sprouts Farmers Market was fully leased when it sold. (Photo courtesy of NewMark Merrill)
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Rialto Village sold recently to Los Angeles-based Langdon Street Capital for undisclosed terms. The shopping center anchored by Sprouts Farmers Market was fully leased when it sold. (Photo courtesy of NewMark Merrill)
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Rialto shopping center sold
Rialto Village sold recently to Los Angeles-based Langdon Street Capital for undisclosed terms.
NewMark Merrill in Calabasas, which developed and built the center, said it will continue to manage the property for Langdon Street.
The shopping center anchored by Sprouts Farmers Market was fully leased when it sold, according to NewMark. Other tenants include Burlington, Ulta Beauty, Five Below, In-N-Out, Coffee Bean, Cold Stone Creamery, Nekter Juice Bar, Sharetea, The Joint Chiropractic, Ahipoki Bowl, Arrowhead Credit Union, Taquería 2 Potrillos, and Mattress Firm.
NewMark Merrill and Langdon Street Capital were represented by REZA Investment Group.
Gas station sells for nearly $8 million
An Arco gas station its convenience store in Apple Valley sold recently for $7.95 million.
The purchase included the station at 15333 Rancherias Road and its land, according to Progressive Real Estate Partners.
Victor Buendia at Progressive represented both parties in the transaction, who were unnamed but both from the Inland Empire.
The Arco and its 2,737 square foot AM/PM convenience store were completed in 1998. The gas station includes 16 fueling positions.
A flurry of such property sales in the region could be tied to a new tax incentive solidified in President Donald Trump’s One Big Beautiful Bill that allows investors to fully write off purchases of certain assets in the year they buy them.
The “bonus depreciation” was designed to spur investment, allowing companies to deduct costs of anything that wears out over time all at once rather than over several years. Bloomberg said this allows ultrawealthy investors to scale back what they owe the government in taxes, setting off “a frenzy of demand for qualifying items, from private jets to car washes and gas stations.”
Moving services in San Bernardino
U-Haul services are now available at Ernie’s Liquor Mart in San Bernardino.
Customers at 539 S. Mount Vernon Ave. can now rent trucks and buy moving supplies at the store.
The store owner is Yasser Diab. For more information, call the store at 909-693-3671.
Gubernatorial appointments
Riverside County resident Christopher Pierce was appointed warden at California State Prison at Ironwood, where he has served as acting warden since 2024. Pierce also held several jobs at the California State Prison at Chuckawalla Valley from 2018 to 2024. This position does not require Senate confirmation; compensation is $199,332. Pierce is a Republican.
Last week’s headlines
Amazon’s local job cuts: While Amazon is hiring logistic workers for the holiday season, it will be cutting corporate jobs by January. Labor reporter Pat Maio reported last Friday that the e-commerce giant is cutting 1,540 positions in California — including 783 in Northern California. Vani Appukkutty, a senior manager in the company’s human resources department said the Southern California layoffs are coming to Irvine (333), Culver City (152), San Diego (145) and Santa Monica (130). The company is carving out jobs as it realigns its strategy using artificial intelligence. Beth Galetti, senior vice president in charge of Amazon’s human resources department, wrote in an Oct. 28 blog post that artificial intelligence is enabling companies to “innovate much faster than ever before.”
Disney channels go dark: YouTube TV streamers were surprised to see ESPN and ABC, among others, go dark on Thursday. The Google-owned streaming service is in a licensing dispute with Disney over prices. YouTube TV says Disney’s terms would be too costly for its subscribers, The Associated Press reported. Disney says YouTube TV has refused to pay fair rates of its channels.
Got exact change? Don’t be too surprised if store cashiers start asking you for pennies. Merchants and banks are reporting their stock of the barely-copper coins are running low after the U.S. Mint stopped producing them in August, The Associated Press reported. A third of so-called coin terminals — where banks withdraw and deposit coins — have closed to penny deposits, exacerbating the coin’s shortage because parts of the country that may have surplus are unable to get those pennies to parts of country with shortages.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images can also be submitted. Allow at least one week for publication. Items are edited for length and clarity.
