Press Release

CBRE Announces Sale of Office Building in Redlands, CA to Cypress West Partners for $6.3 Million

06 12 2018

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The property is situated in one of the Inland Empire’s most in-demand markets and is entitled for additional medical-office use

Los Angeles, CA – CBRE announced the sale of Park Plaza, a three-building office property in Redlands, CA, to Cypress West Partners for $6.3 million.

CBRE’s Gary Stache, Anthony DeLorenzo, Sammy Cemo, Doug Mack, Phil Woodford and Vindar Batoosingh represented the seller, Northstar Commercial Partners.

Located at 1776, 1782 and 1790 West Park Avenue, Park Plaza is a three-story, 52,407 square-foot corporate headquarter-image property. Upon closing, Loma Linda University Medical Center signed a 12-year, 15,000 square-foot lease, which brings occupancy at the project to 60 percent. Existing tenants also include government agencies that currently occupy 21 percent of the space.

“These buildings are entitled for medical uses, providing an investor with the opportunity to unlock additional value through a medical-office repositioning in a severely underserved submarket,” said Stache.

Park Plaza is located in the City of Redlands – a high-demand commercial and residential area in the Inland Empire. Park Plaza is situated close to the I-10 and 210 freeways and in proximity to numerous amenities including restaurants, retail and parks.

The Redlands submarket consists of 40 buildings with approximately 1.2 million square feet of office product, according to CBRE research. The Inland Empire, a region whose $155-billion economy is equal to that of the State of Utah, has been Southern California’s best-growth market for seven straight years, averaging 5.8 percent each year, per the Federal Reserve of St. Louis. The Inland Empire’s population base of 4.5 million people is Southern California’s second largest, fueled by a growth rate that is almost four times more than the rest of the region since 1990.

“These buildings are strategically located along Redland’s medical corridor,” said Mack. “They are anchored by the Redlands Community Hospital, VA Loma Linda Hospital and Loma Linda University Medical Center, which makes this a highly desirable site with lots of options for the new ownership.”
He added, “Loma Linda Hospital has been undergoing a major expansion. The proximity to this thriving facility benefits this property and truly anchors it.” 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.