Corona, CA: Corona office building sold by bank

A San Francisco-based developer has purchased a Corona office building that has a solid freeway location but not many tenants, according to a statement.

Newcastle Partners, an investor and developer, teamed with HG Capital to buy Corona Gateway, a 68,000-square-foot Class A office building. The Corona Gateway is located just off Highway 91 at the Green River Road exit -- it is actually in the 4700 block of Green River Road.

The building, which is three years old, was sold by a bank and is currently only about 25 percent occupied. 360 Commercial Partners has been brought in to market the property, and the indication is they will look for smallish local businesses that can move in quickly.

The sales price was not disclosed.