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Medical office complex sells for $18.3 million

A three-building medical office complex in Redlands has sold for $18.3 million.

The Park Plaza Medical Campus at 1776, 1782 and 1790 Park Ave. was sold by Cypress West Partners in Rancho Santa Margarita, according to CBRE.

Cypress West owns and operates medical office properties throughout the western United States.

CBRE’s U.S. Healthcare and Life Sciences Capital Markets’ brokerage team represented Cypress West in the sale negotiations. Information about the buyer was not released.

Park Plaza covers 53, 325 square feet. Its three outpatient buildings are 99 percent leased to Loma Linda Medical Center, a six hospital-complex with more than 1,000 beds.

Loma Linda uses the Park Plaza buildings for several purposes, including housing its Behavioral Medical Center program.

“Real estate investors continue to flock to defensive positions during these turbulent times, and healthcare real estate has proven its resiliency during the financial crisis of 2009 and the COVID-19 pandemic,” said Chris Bodnar, vice chairman and co-director of the brokerage team, in a statement.

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