COMMERCIAL REAL ESTATE TRANSACTION ALERT
Avison Young announced today it has completed the $4.27 million portfolio sale of two vacant medical office buildings located at 818 and 830 Magnolia in Corona, CA.
Avison Young Principal Michael Dettling and Vice President Steven Tronson who are located in the Los Angeles North office represented the seller, a Los Angeles-based private trust. There were separate buyers for each of the properties, both of which are local physicians who plan to occupy a portion of the building and lease out the remaining space. Dettling and Tronson also represented the buyer for 830 Magnolia.
Following is information on each property:
- 818 Magnolia totals 10,420 square feet (sf) and was sold for $2.15 million.
- 830 Magnolia totals 10,471 sf and was sold for $2.12 million.
Built in 1999, the buildings were recently vacated by a single user who had occupied them in their entirety for more than 15 years for its medical practice.
“With interest rates being very low currently, our team secured several strong offers at very close to the asking price from physicians interested in an owner-user situation,” said Dettling.
Tronson added, “This area of Corona provides a dense population for a strong patient draw and was attractive due to the buildings’ location on a major thoroughfare and proximity to the 91 and 15 freeways.”