|
|
10/08/19
|
Pierson Plaza, a 38.1k sf office building in Riverside County, was purchased for $11.3 mil ($296/sf) by a Palm Springs-based real estate investment company. The property was sold by Long Beach-based Tahiti Partner Properties.
Located at 65753 Pierson Blvd in Desert Hot Springs, the building is fully leased to Riverside County’s Department of Public Social Services, which is two years into a ten-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.
Pierson Plaza is located in the heart of the downtown area, across the street from Desert Hot Springs High School and Desert Hot Springs Library. The property is also seven miles north of the I-10 freeway that connects the Coachella Valley to Riverside and Los Angeles Counties.
CBRE’s Gary Stache, Sammy Cemo, Doug Mack, Anthony DeLorenzo and Marco Rossetti represented the seller in the transaction. The buyer was repped by the McLean Company. The property was originally developed by Centre Urban Real Estate Partners.
“This listing provided the extremely rare opportunity to acquire a brand new, single-tenant office building in the Coachella Valley,” said Stache. “The Coachella Valley has extremely strong market fundamentals, and the area is forecasted to grow from 369,000 to nearly 500,000 total seasonal/full-time residents by 2020.”
More than 160k sf have been leased in the second quarter, following a moderate start to the year, further lowering the Inland Empire’s overall office vacancy rate to 8.6%, according to a CBRE research report. This marked the Inland Empire’s fifth consecutive quarter in single-digit vacancy.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
