December 10, 2018
Park Plaza, a three-building office property in Redlands, CA, was acquired by Cypress West Partners for $6.3 million. LDM Commercial’s Lon Mapes represented the buyer. CBRE’s Gary Stache, Anthony DeLorenzo, Sammy Cemo, Doug Mack, Phil Woodford and Vindar Batoosingh represented the seller, Northstar Commercial Partners.
Located at 1776, 1782 and 1790 West Park Ave., the property is a three-story, 52,407 square-foot corporate headquarter-image property. Upon closing, Loma Linda University Medical Center signed a 12-year, 15,000 square-foot lease, which brings occupancy at the project to 60%. Existing tenants also include government agencies that currently occupy 21% of the space.
Stache says, “These buildings are entitled for medical uses, providing an investor with the opportunity to unlock additional value through a medical-office repositioning in a severely underserved submarket.”
For comments, questions or concerns, please contact Dennis Kaiser