CBRE Arranges $8.85 Million Sale of Medical Office Building in Upland

CBRE recently facilitated the sale of 400 Mountain Avenue, a 47,850-sq.-ft.-medical office building in Upland, Calif. Sammy Cemo, Anthony DeLorenzo, Austin Reuland, Bryan Johnson and Nick Williams of CBRE's Investment Properties represented the seller, Harbor Associates, in the sale to a local medical user.

"This was an incredible opportunity to acquire an extremely high-image, turn-key medical/office building," said Mr. Cemo, first vice president at CBRE. "The new ownership will benefit from the existing medical buildout on the third floor for their own occupancy and the ability to capture the ongoing medical office demand Upland has been experiencing to lease the remainder of the building."

The three-story building is located on the southeast corner of Arrow Highway and North Mountain Avenue within Stewart Plaza. The previous owner has invested over $1 million 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.

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.