IE Business Daily Business news for the Inland Empire.
An office building occupied by the San Bernardino County Human Services Department has been sold.
The one-story structure at 150 Lena Road in San Bernardino sold recently for $1.73 million, said Rick Lazar, senior vice president for Coldwell Banker Commercial Sudweeks Group in Redlands.
The seller was a private investment group in Palm Desert.
The buyer, a group of investors based in Los Angeles, owns and manages other office properties in San Bernardino County that are used by county agencies, Lazar said.
“It’s an attractive building in a good area,” Lazar said of the structure, which covers about 21,400 square feet. “We’re starting to see more [office] activity on the east end, which is good.”
Coldwell Banker represented the seller during the sale negotiations, which took about one year to complete. Multiple bids were taken on the property, and the county renewed its 10-year lease on the property as a result of the ownership change, Lazar said.
Little by little, the Inland office market is coming back, Lazar said.
“We’re getting expansions and new people coming in,” said Lazar, a long-time office broker in the region. “I’m not predicting any [speculative] development yet, because there are too many factors involved, but the market is getting stronger.”
