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12/19/18
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Park Plaza, a three-building, 52.7k sf office property in Redlands, was purchased by Cypress West Partners for $6.3 mil ($119.50/sf).
Located at 1776, 1782 and 1790 West Park Ave, Park Plaza is a three-story, corporate HQ property. Upon closing, Loma Linda University Medical Center signed a 12-year, 15k sf lease, which brings occupancy at the project to 60%. Existing tenants also include government agencies that currently occupy 21% of the space.
Park Plaza is located in the City of Redlands – a high-demand commercial and residential area in the Inland Empire. The property is situated close to the I-10 and 210 freeways and in proximity to numerous amenities including restaurants, retail and parks.
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CBRE’s Gary Stache, Anthony DeLorenzo, Sammy Cemo, Doug Mack, Phil Woodford and Vindar Batoosingh represented the seller, Northstar Commercial Partners.
“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,” said Stache.
The Redlands submarket consists of 40 buildings with approximately 1.2 msf of office product, according to CBRE research. The Inland Empire, a region whose $155 bil economy is equal to that of the State of Utah, has been Southern California’s best-growth market for seven straight years, averaging 5.8% each year, per the Federal Reserve of St. Louis. The Inland Empire’s population base of 4.5 million people is Southern California’s second largest, fueled by a growth rate that is almost four times more than the rest of the region since 1990.
“These buildings are strategically located along Redland’s medical corridor,” said Mack. “They are anchored by the Redlands Community Hospital, VA Loma Linda Hospital and Loma Linda University Medical Center, which makes this a highly desirable site with lots of options for the new ownership.”
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