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Circle Point Plaza

— Colton, CA

Raised occupancy from 65% to 80% in 20 days and sold building at the highest price in the submarket in less than 60 days.

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SITUATION

  • 19,290 RSF Class C office building located in Colton
  • Building had been unsuccessfully marketed for sale with 6 different brokerage firms since 2013
  • Building was 65% leased with no transaction activity in 32 months
  • Colton is a 1.1 MM RSF submarket with anemic office absorption

ACTION

  • Repositioned the asset resulting in increased occupancy, from 65% to 80%, in 20 days
  • Completed 3,000 RSF of leasing, including an expansion of the largest tenant, Bill LaTour
  • Added $360,385 in value to the property enabling a portfolio sale for the owner

RESULTS

  • Successful sale of an asset that had been on the market since 2013
  • Closed escrow in less than 60 days
  • Highest office sale price recorded in the submarket year-to-date
  • 1 of 5 transactions sold in the Colton submarket YTD in 2013
ALL CASE STUDIES

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