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RIVERSIDE, CA-Asset Management Consultants of Mission Hills has acquired a 69,315-sf Downtown office building from Provident Financial for $16.95 million. The class A building at 3380 Lemon St. includes an adjacent three-story parking garage and was approximately 87% leased at the time of the sale.Mike O’Brien in the Ontario office of CB Richard Ellis, who was the lead broker on the deal, says the buyer was attracted not only by the building but by the strong office market in Riverside, which is one of the tightest submarkets in an overall tight Inland Empire office market.The vacancy rate in the Inland Empire office market stood at about 7.2% at the end of the third quarter, one of the lowest vacancy rates in the country, despite increased construction that has added considerably to the inventory in the region.O’Brien was part of a CBRE team including Pat Scruggs and Gary Stache of the company’s Private Client Group in Newport Beach that represented both the buyer and the seller. O’Brien also represented Provident Financial Corp. in its acquisition of the building in 1999.The five-story brick building at 3380 Lemon is visible from the 91 Freeway in Downtown Riverside and is home to tenants including the law firm of Reid and Hellyer, the national accounting firm RSM McGladry and Grubb & Ellis.Publicly held Provident Financial Holdings Inc., the holding company for Provident Savings Bank, sold the property through its wholly owned Provident Financial Corp. subsidiary.Provident had owned and operated the building since 1999, when it bought it as an investment. Provident says the sale will produce a pre-tax gain of $6.3 million, or approximately $3.6 million net of taxes.

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