Medical office sells for $7.8 million
A medical office building in Riverside has been sold.
Latham Medial Plaza, a two-story building at 4361 Latham St., sold for $7.8 million, according to a statement released by CBRE.
CBRE represented the seller, Jolish Latham, LLC and Latham ZG, LLC, both San Francisco-based private investors. The buyer was JKI Investment.
The building, which covers 31,200 square feet, was built in 1991. It was 66 percent occupied at the time of sale.
One tenant, DaVita Dialysis, has been operating there since 1992. It occupies nearly half of the building’s rentable area and recently signed a 10-year lease extension.
Latham Medical Plaza is two miles from the 91 Freeway-State Route 60 interchange. It is also within three miles of Riverside Community Hospital, a 478-bed facility, and within four miles of UC Riverside, which has 23,000 students.
Riverside County’s medical office building vacancy rate is 7.8 percent, which is considered low for such a large market, according to CBRE.