IE Business Daily Business news for the Inland Empire.
A 127,000-square-foot office building in Rancho Cucamonga has been sold for $22.2 million.
The two-story structure at 11000 Eucalyptus St. was sold by Mercury Casualty Co. to a buyer whose name was not released, according to a statement.
The buyer plans to refurbish the building and lease it to San Antonio Regional Hospital in Upland.
“This sale exemplifies the continued trend of large office space conversion to medical use,” said Gary Goodgame, senior vice president with Kennedy Wilson Brokerage, in the statement.
“Mercury made a decision to sell what many in the submarket consider a landmark building. The property will be a valuable asset for San Antonio Regional Hospital, a well-respected regional healthcare provider.”
Kennedy Wilson represented Mercury Casualty in the sale negotiations.
Built-in 2003, the building sits on 11.4 acres and is near a two-acre undeveloped parcel. It’s within the Ontario International Airport submarket, where the office vacancy rate is 6.3 percent, according to the statement.
