Michael Lawrence of the Newport Beach office of Marcus & Millichap represented the seller, Washington Plaza Partners, with the buyer represented by John Smelter of Marcus & Millichap in San Diego. The property consists of two low-rise buildings at 850 and 900 E. Washington St. The seller had owned the office complex since 1988.
The Colton submarket is part of an Inland Empire office market, comprising Riverside and San Bernardino counties, that Marcus & Millichap describes as one of the best in the nation in a recent M&M research report. The report says the Inland market registers the lowest vacancy rate among the 38 markets that M&M tracks and posts the highest ratio of absorption to inventory. It forecasts the vacancy rate to dip by four tenths of a percentage point to reach 10.1% in 2004. Kevin A. Assef, SVP and regional manager of the firm's Ontario office, says the Inland Empire's office buildings remain a relative bargain for investors, as the market is still tight and prices are far lower than those in neighboring markets.
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