While the Inland Empire continues to be one of the nation’s main industrial hubs, the region’s office market is continuing to see properties trade hands. In one recent transaction that closed on Oct. 25, an 80,000 square foot office campus in Murrieta sold for $19.2 million, or about $240 per square foot. According to public records, the property was sold by an affiliate of Coseo Properties to Meadowbrook Silverhawk LLC, an entity linked to Vinod Gupta.
The property, also known as Silver Hawk Corporate Center, is located on 6.05 acres at 38977 Sky Canyon Dr., according to public records, and includes two two-story buildings that were originally built in 2006.
The property is located just off State Route 79, and is near a number of retail amenities, with The Plaza at Silver Hawk – which is home to retailers like Vons and Walgreens – located just across the street.
According to a former property listing for the campus for CBRE, Silver Hawk Corporate Campus has been 93 percent occupied since 2020 to various tenants, including several financial advisors and law firms.
Although office vacancies continue to be on the rise throughout much of Southern California, the Inland Empire has remained relatively stable. According to a third quarter office market report from Cushman & Wakefield, the region reported a comparatively low vacancy rate of 8.6 percent, with a 19 percent year-over-year increase in new leasing activity. This amounted to 1 million square feet across 420 deals, according to the report. Despite this, occupancy overall continues to decrease with more companies shifting to remote and hybrid work schedules. In the third quarter of the year, occupancy in the Inland Empire decreased by 93,188 square feet.