Lee & Associates Closes $3.3 Million Office Sale of Sterling Centre
Torrance, CA – November 6, 2012 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $3.3 million sale of Sterling Centre in Redlands, Calif.
President Donald P. Brown of Lee & Associates Inland Empire North, Managing Director/Principal Matthew Sullivan Lee & Associates Investment Services Group and Senior Vice President Rich Erickson of Lee & Associates Riverside represented the seller, Pacific Western Bank. The buyer, Lynn Chao of the Law Office of Lynn Chao was represented by Shari Varnoos of RE/MAX Commercial.
“Because of Lee & Associates’ extensive coverage across the country and Southern California specifically, I was able to tap into Matthew’s and Rich’s regional expertise to provide very attentive and specialized service to our client,” said Brown. “Redlands submarket is of high quality with an abundant of suburban housing and commercial support. As a team, we were able to position the property to highlight the stabilized net operating income and low sale to replacement cost.”
According to Sullivan, the transaction closed at a 7 percent cap rate on 70 percent occupancy. “We took the property over at 50 percent vacancy and increased it to its current rate. Currently, Rich is also actively working on adding another tenant.”
Sterling Centre is a ±37,120 SF multi-tenant office property comprised of two freestanding two-story buildings at 1175-1177 Idaho Street. The center focuses on a strong tenant mix with long term leases with various restaurants and retail outlets nearby. Located near Citrus Plaza, an open-air shopping center which includes Barnes & Noble, Bed Bath & Beyond, BevMo!, Jamba Juice, Kohl’s, Petco, Starbucks and Target, the property also offers near access to the I-10 Freeway with the I-210 Freeway minutes away.
About Lee & Associates:
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at http://www.lee-associates.com.
