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The Norco Redevelopment Agency purchased 7.3 acres in Norco, CA, from Woodland Hills, CA-based developer Realty Bancorp Equities for $3.2 million or about $438,356 per acre. The buyer intends to build a low income housing development but plans have not yet been approved.
The property includes three commercial parcels between Second St. & River Road in the Riverside submarket.
The sale was a direct negotiation with no outside representation.
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