IE Business Daily Business news for the Inland Empire.
An office property in Upland has sold for $10.25 million.
Stewart Plaza, a two-building complex at 400 to 440 Mountain Ave., was purchase by Harbor Investments in Long Beach, CBRE announced in a statement.
The seller was a private investor whose name was not released.
Stewart Plaza covers 84,500 square feet and has a mix of regular and medical office tenants. Both buildings are two-story structures, with suites ranging from 493 to 9,138 square feet.
The project, which is about one mile from Interstate 10, was 56 percent leased at the time of sale, according to CBRE.
Despite problems created by COVID-19, CBRE expects to see moderate growth in the Inland Empire office market for the time being.
“Pent-up demand after the pandemic may allow the Inland Empire to continue to be a desirable market for seekers of quality space away from Greater Los Angeles and Orange County,” according to the statement.
