IE Business Daily Business news for the Inland Empire.
A three-story office building in Upland has been sold for $9 million.
Stewart Plaza, a 46,527-square-foot Class A structure at 440 North Mountain Ave., was sold by Stewart Plaza Owner LLC, according to CBRE.
The buyer was a local investor and a medical group, both of which wished to remain anonymous.
CBRE represented the seller in the negotiations.
“This sale presented an opportunity to acquire a well-maintained, income-producing office building with an owner-user occupancy component in a prime medical location,” said Sam Cemo, first vice president with CBRE Ontario, in a statement. “The recent capital improvements, combined with the property’s accessibility to major Southern California markets, San Antonino Regional Hospital and a dense population base, make it an attractive investment.”
The building has undergone more $1 million in renovations during the past two years, including a new roof, elevator and lobby upgrades, and a new digital directory, according to the statement.
