Southern California-Based Investment Firm Purchases Office Property in Inland Empire for $10.25 Million - CBRE
02 Nov 2020
Los Angeles – CBRE announced the sale of an office property, Stewart Plaza, in Upland, Calif., to Harbor Associates, a Long Beach, Calif.-based real estate investment firm, for $10.25 million.
CBRE’s Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller, a private investor, in the transaction.
Located at 400 and 440 Mountain Avenue, Stewart Plaza is an 84,498 square-foot, multi-tenant office and medical office project comprised of two three-story buildings. The property features communal plazas and landscaped walkways connecting the two structures. The asset consists of suites ranging from 493 to 9,138 square-feet and was 56 percent leased at the time of sale. Stewart Plaza is one mile from I-10, a major freeway connecting Upland to the rest of Southern California.
“The property was one of the true value-add office opportunities in the market” said Stache.
The Inland Empire has been Southern California’s fastest-growing economy for nine straight years, averaging 5.2 percent growth annually, according to CBRE research. The Inland Empire’s population base of 4.5 million people is Southern California’s second largest, fueled by a growth rate that has been almost 3.5 times greater than the rest of the region since 1990.
Despite headwinds related to the COVID-19 pandemic, CBRE Econometric Advisors continues to see moderate growth potential ahead for the tertiary market, including the Inland Empire. Pent-up demand after the pandemic may allow the IE to continue to be a desirable market for seekers of quality space away from the hustle and bustle of Greater Los Angeles and Orange County, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.