Inland Empire Office Park Changes Hands
- Jul 31, 2019
Essex Realty Management has sold Centerpointe Business Park, a 65,400-square-foot Class B office campus in the Inland Empire, to Olmax Corp. for $8.2 million, according to Yardi Matrix data. Citizens Business Bank provided $3 million in acquisition financing to the new owner.
The asset last changed hands in mid-2007, when Essex acquired it from a private investor. That sale had been subject to a $6.2 million acquisition loan from Barings, which was set to mature in September this year.
Located on 6.4 acres at 760, 790 and 850 S. Via Lata Drive in Colton, Calif., the three single-story buildings are at the southwestern corner of Interstate 10’s intersection with the Riverside Freeway, 5 miles south from San Bernardino, Calif. A Walmart-anchored retail center is in the immediate area, as are several small office properties and three multifamily assets.
Centerpointe Business Park opened in 1989 and is home to a mix of tenants, including the California Department of Transportation, Mental Health Systems and Pulmocare, per Yardi Matrix data. Tenant spaces are separately compartmentalized with private entrances for each suite. Parking is available at a ratio of 4 spaces per 1,000 square feet.
While the Inland Empire is primarily known as a rapidly expanding industrial market, the area is also home to a small but growing office sector, particularly as demand increases for medical space. More than 400,000 square feet is under construction, all of it serving the health-care industry.