LOS ANGELES, CA — OCTOBER 14, 2019 — Centre Urban Real Estate Partners has successfully sold Pierson Plaza in Riverside County for $11.3 million or $296 per square foot. Pierson Plaza is a legacy asset of Tahiti Partners Properties Corporation, which successfully acquired, designed, entitled, and constructed the 38,084 square-foot office building which was completed in 2017. Tahiti Partners developed Pierson Plaza as a build-to-suit tailored for the Riverside County’s Department of Public Social Services with tenant improvements costing nearly $3.0 million and ultimately stabilized the asset by signing the County to a 10-year lease.
The buyer is a Palm Springs-based real estate investment company that exchanged out of a multifamily property to acquire Pierson Plaza. Centre Urban was represented by CBRE and the buyer was represented by the McLean Company in the transaction.
Pierson Plaza is located in the heart of the downtown area, across the street from Desert Hot Springs High School and Desert Hot Springs Library. The asset is also seven miles north of the I-10 freeway that connects the Coachella Valley to Riverside and Los Angeles Counties.
“This listing provided the extremely rare opportunity to acquire a brand new, single-tenant office building in the Coachella Valley,” said Gary Stache of CBRE. “The Coachella Valley has extremely strong market fundamentals, and the area is forecasted to grow from 369,000 to nearly 500,000 total seasonal/full-time residents by 2020. The buyer realized the incredible value in acquiring such a unique asset in one of Southern California’s fastest-growing submarkets.”
More than 160,000 square-feet have been leased in the second quarter, following a moderate start to the year, further lowering the Inland Empire’s overall office vacancy rate to 8.6 percent, according to a CBRE research report. This marked the Inland Empire’s fifth consecutive quarter in single-digit vacancy.
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Centre Urban Marketing