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1/27/22
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Courtyard Medical & Professional Center, a 39.8k sf medical office property in Hemet, was purchased by an overseas private investor for $5.56 mil ($140/sf) in an all-cash exchange transaction. The property, located at 910-960 N. State St, was 100% occupied at time of sale.
Located adjacent to the Riverside County Courthouse, the well-established medical/office center features a diverse mix of 14 service-oriented tenants, several of which cater to the courthouse, including a law office, paralegal and DNA collections office. Furthermore, the Courtyard is the only commercial center at the intersection making this property the sole option for users seeking the positioning and constant flow of activity associated with being next to the Courthouse.
Built in 1981, the well-maintained center has five points of access, plenty of convenient parking and excellent visibility and street frontage at the signalized intersection of State Street and Fruitvale Avenue with traffic counts of over 20,400 cars per day.
Greg Bedell, CCIM, with Progressive Real Estate Partners represented the seller, a private Newport Beach-based investor. Henry Liu of CBD Investments Inc repped the buyer. According to Bedell, the listing generated 13 qualified offers.
Bedell commented, “The Courtyard Medical & Professional Center met all the buyer’s 1031 exchange goals including the center’s strong location, 100% occupancy, internet resistant tenant-mix and diverse rent roll”.
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