IE Business Daily Business news for the Inland Empire.
A medical office building in Chino has been sold.
Chino Hills Professional Plaza, a 41,000-square-foot structure at 2140 Grand Ave. changed hands recently for an undisclosed sum, according to CBRE.
A joint venture between Cypress West Partners, a Rancho Santa Margarita Real Estate agency, and TPG Angelo Gordon, a global credit and real estate investing platform, bought the property.
Tele-Ventura, a Los Angeles-based limited partnership, was the seller. CBRE’s U.S. Healthcare Capital Markets team represented Tele-Ventura.
“This sale reflects the strength of outpatient medical properties as an asset class,” said Mark Shaffer, senior vice president with CBRE and a member of the negotiating team, in a statement. “This outpatient medical building, anchored by Pomona Valley Hospital Medical Center, offers long-term stable cash flow and significant upside potential.”
Chino Hills Professional Plaza is 94 percent leased and has 15 tenants. Pomona Valley Hospital Medical Center, occupies nearly half of the building, according to the statement.
