Redlands office project sells
Park Plaza, a three-building office complex in Redlands, has been sold.
Cypress West Partners, a leasing and property management firm in Rancho Santa Margarita that specializes in healthcare properties, bought the project for $6.3 million, according to a statement released by CBRE.
The buyer was Northstar Commercial Partners, a commercial real estate investment firm in Denver.
Located in the 1700 block of Park Plaza Ave., the complex covers 52,000 square feet. Loma Linda University Medical Center recently agreed to lease 15,00 square feet of the property, bringing its occupancy rate to 60 percent.
Other tenants include government agencies that collectively occupy about 20 percent of the property.
CBRE represented Northstar Commercial in the negotiations, according to the statement.