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10/13/23
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A 47.9k sf medical office building in Upland sold for $8.85 mil ($185/sf) to a local medical user. The property, located at 400 Mountain Ave, was sold by Harbor Associates.
The three-story building is located on the southeast corner of Arrow Hwy and North Mountain Ave, within Stewart Plaza. The previous owner has invested over $1 mil in capital improvements, including a new roof replacement, lobby upgrades and exterior modernization.
Situated on 2.21 acres north of Interstate 10, the property provides its tenants and clients quick access to both Los Angeles and Orange County.
Sammy Cemo, Anthony DeLorenzo, Austin Reuland, Bryan Johnson and Nick Williams of CBRE's Investment Properties represented the seller in the deal. According to Cemo, the new ownership will use the existing medical build-out on the third floor for its own occupancy, in addition to benefiting from the ongoing medical office demand Upland has been experiencing to lease the remainder of the building.
According to CBRE Research in Q2, the western part of the Inland Empire market continues to outperform all office submarkets in Southern California, with a vacancy rate of 8.4%. This is the lowest vacancy rate in Southern California, besting all Orange County, Los Angeles and San Diego submarkets.
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