Although office markets across Southern California continue to face a number of challenges, various transactions in the Inland Empire have taken place in recent months. In one transaction that closed in May, an entity affiliated with Vida Divina – a seller of various health and wellness products – acquired a 41,404 square foot office property in Ontario. The property was sold by SH Investment Group LLC, an entity tracing to Elizabeth & Peter Jeung, for $15 million, or approximately $362 per square foot.
The property is located at 1819 S Excise Ave. and consists of a two-story office building that was built in 2006. The total property spans 4.5 acres and approximately 413 parking spaces.
The building is situated south of Ontario International Airport and is primarily surrounded by a mix of commercial office and industrial buildings. Vida Divina’s main headquarters is also located nearby at 1859 Excise Ave.
The property joins several others that have traded in the Inland Empire in recent months.
In one transaction that took place at the end of May, a 127,000 square foot office building in Rancho Cucamonga sold for $22.5 million, or about $175 per square foot. The property, located at 1100 Eucalyptus St., was sold by Mercury Casualty Company and will soon become medical office space for San Antonio Regional Hospital.
In another medical office transaction, SAC Health, a nonprofit community healthcare organization that provides services throughout the Inland Empire, paid $35.25 million, or about $125 per square foot for a 280,183 square foot office building in San Bernardino. The property is located at 1003 E Brier Dr. and was sold by an entity linked to Strategic Office Partners.
