COMMERCIAL REAL ESTATE TRANSACTION ALERT
DAUM Commercial Real Estate Services has completed the sale of Cooley Business Park, a 60,119 square-foot multi tenant office/flex property in the Inland Empire submarket of Colton, California, on behalf of the seller, Oak Properties, a private investor based in San Diego.
The asset is 100% leased to 15 tenants and consists of two buildings totaling 19 units that range from 1,200 to 6,700 square feet, according to Lee Spence, Executive Vice President at DAUM Commercial Real Estate Services, who completed the transaction alongside DAUM Associate Vice President Mark Schafer.
“While the seller had a well-located, fully occupied asset, there was some uncertainty surrounding what the demand would look like for office product in the midst of the pandemic, as many investors sidelined,” explains Spence. “Through effectively communicating the opportunity for immediate cashflow and potential for upside as rent roll turns over, we were able to achieve several competitive offers on the property.”
Spence notes that the in-place leases to a diverse range of tenants at Cooley Business Park were an appealing aspect of the property that allowed for a quick close.
“Despite the additional hurdles in place due to the pandemic, we were able to move the transaction forward smoothly,” says Spence, who notes that the fundamentals of the office market in San Bernardino County have remained relatively steady in the midst of challenges. “Ultimately, we closed on a satisfactory deal for our Client that allows them to strategically move forward with their own business plan.”
Cooley Business Park benefits from a prime location that offers convenient access to major freeways including Interstate 10 and Interstate 215 and several retail amenities, driving tenant appeal. The asset, which is situated on 4.3 acres at a highly visible intersection, is also in close proximity to the Ontario airport, San Bernardino, and downtown Riverside.
The property features attractive architecture and provides tenants with ample parking.
Cooley Business Park was purchased for $5.95 million by a private investor and is located at 930 Mount Vernon and 937 Via Lata in Colton, California.