Office building sells for $11.3 million
A Desert Hot Springs office building leased by Riverside County has been sold for $11.3 million.
Pierson Plaza, a 38,000-square-foot structure at 65753 Pierson Blvd., was purchased in a 1031 exchange by a Palm Springs real estate investment company whose name was not released, CBRE announced Monday.
The seller was Tahiti Partner Properties, a Long Beach commercial real estate firm. The building, which is fully occupied by the county Department of Social Services, changed hands for approximately $296 per square foot.
Pierson Plaza was built in 2017 for the county. It’s in the heart downtown, across from Desert Hot Springs High School and Desert Hot Springs Library and is seven miles north of the I-10 freeway.
Riverside County is two years into a 10-year lease on the property, according to the statement.