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6/01/23
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A 127k sf office building in Rancho Cucamonga traded hands in a $22.25 mil ($175/sf) transaction. The property is located at 11000 Eucalyptus St, on Foothill Blvd across from two busy regional shopping centers.
Photo: Kennedy Wilson Brokerage |
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The two-story, Craftsman-style office building, which was built in 2003, sits on 11.44 acres and features an attractive landscape design, EV charging stations and a 1.99-acre undeveloped outparcel. The property, located in the Airport Area office submarket, encompasses Ontario, Rancho Cucamonga and Fontana, where the vacancy rate remains low at 6.3% and rent growth has yielded healthy returns, according to CoStar.
Gary Goodgame, Jeremy Dee and Max Browne with Kennedy Wilson Brokerage represented the seller, Mercury Casualty Company. The Hoffman Company’s Graham Gilles represented the buyer, who plans to convert the building to medical office space for San Antonio Regional Hospital, an Upland-based, regional healthcare provider.
“This sale exemplifies the continued trend of large office space conversion to medical use,” said Goodgame. “Mercury made a strategic operational decision to sell what many in the submarket consider a landmark building, and the property will be a valuable asset for San Antonio Regional Hospital, a well-respected regional healthcare provider whose presence in Rancho Cucamonga is a great benefit to the surrounding community.”
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