Avison Young completes $4.27 million portfolio sale of two medical office buildings in Corona, CAJanuary 27, 2021
Los Angeles, CA – Avison Young announced today it has completed the $4.27 million portfolio sale of two vacant medical office buildings located at 818 and 830 Magnolia in Corona, CA.
Avison Young Principal Michael Dettling and Vice President Steven Tronson who are located in the Los Angeles North office represented the seller, a Los Angeles-based private trust. There were separate buyers for each of the properties, both of which are local physicians who plan to occupy a portion of the building and lease out the remaining space. Dettling and Tronson also represented the buyer for 830 Magnolia.
Following is information on each property:
- 818 Magnolia totals 10,420 square feet (sf) and was sold for $2.15 million.
- 830 Magnolia totals 10,471 sf and was sold for $2.12 million.
Built in 1999, the buildings were recently vacated by a single user who had occupied them in their entirety for more than 15 years for its medical practice.
“With interest rates being very low currently, our team secured several strong offers at very close to the asking price from physicians interested in an owner-user situation,” said Dettling.
Tronson added, “This area of Corona provides a dense population for a strong patient draw and was attractive due to the buildings’ location on a major thoroughfare and proximity to the 91 and 15 freeways.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224