IE Business Daily Business news for the Inland Empire.
A medical office building in the Coachella Valley that is home to several nationally-known companies has been sold for $10.5 million.
Indian Wells Medical & Professional Center was purchased by Circle Vision, a commercial real estate investment and management company in Tustin, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the seller, Kresher Capital, a Miami-based investment company. Circle Vision represented itself.
The two-story facility at 74785 Highway 111, covers 40,750 square feet and is about 90 percent occupied. Its tenants include Charles Schwab, RadNet, Mercer Financial and SBEMP Law.
“Demand for core medical-office assets in high-performing suburban markets continues to rise, particularly in the Inland Empire which currently has the lowest office vacancy rate in the nation,” said Greg Bedell, Progressive’s senior vice president of investment sales, in the statement.
Built in 1996, Indian Wells Medical is the only leased investment office building in the Coachella Valley to sell for more than $10 million in the last five years, Bedell said.
