Medical practitioners will soon have a chance to own or lease one of the 23 units at a brand new medical practice facility in Ontario, Calif. Construction work is expected to complete this summer at Chino Vista Medical Center located at 5632 Philadelphia St. The white-box suites range in size from 566 to 1,599 square feet, and the asking price is starting at $350,000 per unit, or approximately $550 per square foot.
The marketing efforts are being led by Pasadena-based YuTu (Nancy) Milton from Milton & Milton Associates. The property is for sale by owner, according to marketing information reviewed by The Registry.
The Class A property spans three stories on a 1.75-acre plot and has a CG zoning code, which is dedicated for a commercial general district that is to provide attractive and efficient retail shopping and personal service uses. Chino Vista Medical Center provides a wide range of units tailored to meet the diverse requirements of medical practices, spanning from specialty and general medical services to physical therapy, outpatient surgery, imaging centers, cosmetic procedures, general and specialty dentistry, ophthalmology, podiatry, chiropractic care, medical imaging and laboratory testing. The facility also offers parking spaces to cater to the needs of both patients and practitioners.
Chino Vista Medical Center is located in close proximity to Chino Valley Medical Center and the major transportation access routes of California State Routes 60 and 83. A further medical building is planned for development on the neighboring 1.97-acre plot at 5624 Philadelphia St., while an assisted living facility is planned for 5592 Philadelphia St. on a lot covering a total of 2.793 acres. Finally, a restaurant and retail building is planned for 5578 Philadelphia St. on an approximately 1.75-acre plot to complete the site.
Kidder Mathews reports that the Inland Empire office market indicates an upward trend in both unemployment and rental rates in the second quarter of 2023. Vacancy rates, however, have remained stable, while there is a decreasing trend in construction deliveries. The top sales transactions for the quarter were all located in Inland Empire West and consisted of the following transactions: the 127,000-square-foot property located at 11000 Eucalyptus St. was purchased by San Antonio Regional Hospital for just over $23 million, or approximately $182 per square foot; the 117,000-square-foot Highway 74 Lake Elsinore Portfolio was acquired by Prime Group Holdings LLC for $15 million, or close to $129 per square foot; and the 45,000-square-foot Social Security Administration Building was sold to Tep San Bernardino LLC for just under $12 million, or approximately $263 per square foot.
With the only other medical facility expected for completion in the third quarter being the 30,000-square-foot California Eye Care project in Loma Linda off US Interstate Highway 10, and the general decrease in construction deliveries in the whole of Inland Empire, the Chino Vista Medical Center seems to offer a unique value proposition for investors and tenants looking for medical facilities in the Ontario area.
