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8/16/18
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A 33.5k sf office building in Victorville sold for $5.15 mil, or $154/sf, at a cap rate of 7.8%. The property, Civic Center Professional Building, is located at 15400 Civic Dr. The property was 80% leased to County of San Bernardino Child Support Services at the time of the sale.
Built in 2004, the two-story concrete building is situated within the City of Victorville’s Civic Center. The freestanding office building sits on 1.7 acres of land along with a 1.13-acre overflow surface parking lot. In addition to local area amenities like City Hall, Victor Plaza Shopping Center and numerous retail amenities the building is in a central location for city, county and state government agencies with immediate access to the 15 Freeway and great street visibility on Civic Drive.
Walt Wehrmann and Janette Wehrmann with NAI Capital’s Investment Services Group represented the seller, Civic Center Properties Inc. The buyer was Yi Feng Investment. The Wehrmann’s also secured the property management account with NAI Capital Property Management.
Walt stated, “During turbulent and tranquil economies alike, government leased properties consistently rank among the most reliable real estate assets in the nation and that is why we are seeing an increased demand from investors for this investment class.”
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