Lee & Associates Closes Sale of 11 Inland Empire Office Buildings
Torrance, CA – January 18, 2011 – (RealEstateRama) — A Lee & Associates team put together two different buyers to successfully close the sale of an 11-building, 86,667-square-foot office park in Southern California’s Inland Empire.
The combined value of the two transactions, at 19310-19340 Jesse Lane in the Mission Grove Business Center in Riverside, Calif., was $6.4 million. Lee & Associates Investment Services Group (Lee ISG) Vice Chairman Ed Indvik, ISG Founding Principal Matthew Sullivan and David Mudge, senior vice president at Lee Riverside, represented the seller, U.S. Bank, N.A., through its asset holding company SA California in both transactions. They also represented the buyer in one of the transactions along with Lee Riverside Senior Associate Andrew Peake.
“Although the finance markets have loosened, this is still a very challenging environment for investment sales, and getting results for our clients often requires unconventional thinking,” Indvik said. “In this case, the solution was to find two highly motivated buyers and put together two deals in order to assist our client in divesting these properties.”
Mission Grove Business Center, a newly built office park that is 100 percent vacant, is well located in proximity to the 215, 91 and 60 freeways with many amenities and residential housing nearby.
In the first transaction, the bank sold nine buildings totaling 69,166 square feet at 19310-19340 Jesse Lane to Silver Oaks Business Park, LP for $4.95 million.
In the second transaction, Mission Dei Community Church acquired two buildings totaling 17,474 square feet at 19310 Jesse Lane for $1.43 million.
Mission Grove Business Center consists of Class A medical and office condos. The 11 buildings are each broken up into two office condominiums. The buildings offer flexible suite sizes that can accommodate users from 2,500 square feet up to 17,000 square feet.
About Lee & Associates
Celebrating 31 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the country including California, Arizona, Georgia, Idaho, Illinois, Indianapolis, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services.
Lee’s Investment Services Group is located at 515 S. Figueroa St., Suite 1600 Los Angeles, Calif., 90071 and can be reached at 213.623.1305. Additional information is available at www.lee-associates.com.
