October 8, 2019 Comments Off on Desert Hot Springs Office Asset Trades in 1031 Exchange Views: 707 California News, Inland Empire

Desert Hot Springs Office Asset Trades in 1031 Exchange

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Pierson Plaza, a 38,084 square-foot office building in Desert Hot Springs, CA, has been sold for $11.3 million in a 1031 exchange. Long Beach-based commercial real estate firm Tahiti Partner Properties divested the property at 65753 Pierson Blvd. to an unnamed Palm Springs-based real estate investment company.

The building is fully-leased to Riverside County’s Dept. of Public Social Services, which is two years into a 10-year term. Pierson Plaza was built in 2017 as a build-to-suit tailored for the County’s use, with tenant improvements costing nearly $3 million.

CBRE’s Gary Stache, Sammy Cemo, Doug Mack, Anthony DeLorenzo and Marco Rossetti represented the seller. The buyer was represented by the McLean Company. The property was developed by Centre Urban Real Estate Partners.

Stache says, “This listing provided the extremely rare opportunity to acquire a brand new, single-tenant office building in the Coachella Valley.”

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