The two-building San Marcos Plaza, 330-340 Rancheros Drive, was acquired by Moreno Valley F1 Owner, LLC.
The seller was San Marcos Plaza/JVP, LLC.
Plans are to convert the 160,000 square-foot complex into condominium units ranging from 400 square feet to 38,000 square feet.
Phillip Linton and Blake Wilson of CBRE have been retained to market the condominium units for sale. CBRE also will be in charge of the renovations.
“The demand for commercial condominiums is soaring, and new supply is prohibitively expensive to develop,” Linton said. “This project will create needed opportunities for local businesses to own their facilities.”