IE Business Daily Business news for the Inland Empire.
The Bear Valley Medical and Business Center, an office building in Victorville, has been sold.
The one-story structure, at 17310 Bear Valley Road, sold for $10 million to Bear Valley Medical and Business Center LLC, a private investment group, said Don Brown, president of Lee & Associates Victorville.
Equitable Bear Valley TIC, also a group of private investors, was the seller. The property officially changed hands Tuesday.
The building, near the intersection of Bear Valley and Hesperia roads, was developed in three phases between 2000 and 2006. It covers approximately 89,000 square feet and is currently 92 percent occupied, with only one vacant space, Brown said.
“It’s a good mix of medical and other tenants,” said Brown, who spent the last eight months helping to negotiate the deal. “It’s a solid building, one of the better office buildings we have up here. It has good access and good parking.”
The new owner plans no major changes to the property, according to Brown.
The High Desert office market is doing reasonably well, with a vacancy rate between six and seven percent, Brown said.
“That’s not too bad, and I expect to see the market improve next year,” Brown said. “What we need is more rooftops. That’s what leads to more office.”
