CBRE has brokered the sale of Stewart Plaza, an 84,498-square-foot medical office campus in Upland, Calif. Harbor Associates and The Bascom Group acquired the asset for $10.3 million. CBRE’s Anthony Delorenzo, Gary Stache and Sammy Cemo represented the seller in the off-market transaction, while Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis arranged the financing for the project with Ready Capital Structured Finance.
Completed in 1987, the two three-story buildings at 400 and 440 Mountain Ave. consist of suites ranging from 493 to 9,138 square feet. The multi-tenant property was 56 percent leased at the time of sale. Situated 1 mile from Interstate 10, which connects Upland to the rest of southern California, Stewart Plaza sits on a five-acre lot in an opportunity zone.
Harbor Associates revealed plans for a multimillion-dollar capital improvement program, which will include upgrades to the entry and lobby, elevators, a new roof and replacing the HVAC units in both buildings. Additionally, the refurbished Spanish-style property will receive LED lighting retrofits, new signage and will feature rent-ready spec suites.
The joint venture owns a portfolio of 28 office buildings in southern California and Colorado, consisting of more than 3.7 million square feet, according to Bascom Managing Partner Jerry Fink. In March, Harbor Associates paid $34.2 million for a four-building office park in Carlsbad, Calif.