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11/03/20
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A private investor paid $5.95 mil for Cooley Business Park, a 60.1k sf ($99/sf), multitenant office/flex property in the Inland Empire city Colton. The asset was sold by Oak Properties, a private investor based in San Diego.
Cooley Business Park, located at 930 Mount Vernon and 937 Via Lata, is 100% leased to 15 tenants. The property consists of two buildings totaling 19 units that range from 1.2k sf to 6.7k sf in size. It features attractive architecture and ample parking.
Cooley Business Park benefits from a prime location that offers convenient access to major freeways including Interstate 10 and Interstate 215 and several retail amenities, driving tenant appeal. The asset, which is situated on 4.3 acres at a highly visible intersection, is also in close proximity to the Ontario airport, San Bernardino, and downtown Riverside.
Lee Spence and Mark Schafer with DAUM Commercial Real Estate Services were involved in brokering the transaction. According to Spence, the in-place leases to a diverse range of tenants at Cooley Business Park were an appealing aspect of the property that allowed for a quick close.
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