TriCord Advisors' Jeremiah and Laura Lee (left) and Stance Commercial Real Estate's Joe and Heidi Stance (right) discuss commercial real estate investment strategies at a Nov. 12 workshop at Victoria Country Club. (Courtesy TriCord Advisors)
When Riverside financial advisors Laura and Jeremiah Lee decided to host a private networking event at Victoria Country Club in November, they weren't just making small talk over appetizers. The husband-and-wife team behind TriCord Advisors brought together local business owners, commercial property investors, and longtime Riverside residents for something their clients increasingly ask about: how to build wealth through local commercial real estate.
For the Lees, meeting clients means more than portfolio reviews and retirement calculations. It means understanding all the ways Riverside residents can build wealth — including opportunities in their own backyard. The firm's team includes four Certified Financial Planner™ professionals dedicated to comprehensive, fee-based advisory services.
The Nov. 12 event, co-hosted with Stance Commercial Real Estate, a Riverside-based brokerage, drew attendees who've been part of Riverside for decades. Most in the room own businesses or commercial property here.
"A lot of our clients are entrepreneurs, visionaries, risk takers," says Joe Stance of Stance Commercial Real Estate. "They're people that step out, take a chance."
Why Local Commercial Real Estate Matters for Financial Planning
TriCord is a fee-based advisory firm with fiduciary responsibility to clients. Their decision to partner with commercial real estate specialists demonstrates a holistic approach to wealth building. For many Riverside residents, commercial property represents a significant — and sometimes underutilized — component of comprehensive financial planning.
Roughly 30 percent of TriCord's clients currently own commercial real estate. "Most people we talk with initially don't understand the meaningful tax benefits and multi-generational estate planning of owning commercial real estate," Jeremiah Lee explains. "They also often don't have a good sense of the time and energy needed to operate it."
The workshop presented key market data. According to Stance's presentation, Riverside's office market sits at 95 percent occupancy — the lowest vacancy rate in the country. Retail occupancy is 94 percent, while industrial space maintains 90 percent occupancy.
Stance's data showed lease rates for office space in Riverside average $2.39 per square foot, with sales prices around $243 per square foot. Retail properties see lease rates of $2.08 per square foot and sales prices averaging $295 per square foot.
"It's going to give you a baseline," Stance told attendees.
The Riverside Advantage: Why Local Market Knowledge Creates Investment Opportunities
National retailers may overlook the city based on outdated demographic data, but local investors who understand Riverside's evolution see opportunities.
Fleming's Steakhouse is moving toward construction at The Mark downtown — a signal that national brands are recognizing Riverside's changing demographics and rising household incomes.
"The demographics are changing," Stance noted. "We're getting higher incomes. Those type of economic factors are changing. So as those change, those bigger retailers will come back or find new ones."
"When interest rates were very low, the numbers worked more easily for obtaining and financing commercial real estate properties," Jeremiah Lee notes. During the pandemic, when residential home prices peaked and office space valuations dipped, one TriCord client sold five residential rental homes through a 1031 exchange and purchased a single commercial office building. The client avoided capital gains taxes while securing stronger monthly cash flow and a more manageable asset for his family's future.
The workshop highlighted the prevalence of owner-occupied properties and local investors rather than purely outside capital in Riverside's commercial real estate landscape. "A lot of folks don't just own property — they live here," one attendee observed. "It's not just outside investors saying 'I'm going to try this first, see if it works.' People work here, they own buildings here, and they're part of the community."
"Everyone's financial picture is unique, and it requires a customized approach," Laura Lee says. "We consider the data and where they are currently, and then discuss what their future goals and vision is for their personal finances, business, family, legacy, retirement." Once they establish objectives, they work to align all aspects of a client's finances. Commercial real estate often emerges as a component of well-diversified portfolios with powerful tax and estate planning applications.
TriCord's fee-based model creates alignment with client outcomes rather than product sales incentives.
This matters for questions like: Should I hold or sell my commercial property? How does real estate fit into my retirement income strategy? What's the right balance between liquid investments and property holdings?
Building Wealthy Habits in Your Own Community
TriCord also engages the community through "Building Wealthy Habits," a weekly discussion series on financial topics, creating opportunities for clients and community members to learn together.
As Laura emphasized at the event's opening, getting the right people in the room — longtime Riverside residents, commercial property owners, local business operators — creates the foundation for meaningful financial conversations. The firm's community connections and professional expertise help clients navigate strategies tailored to local opportunities.
