With interest rates remaining at low levels, several offers close to the asking price from physicians interested in an owner-user situation were secured for two vacant medical office buildings located at 818 and 830 Magnolia in Corona. The two separate buyers are local physicians who plan to occupy a portion of the buildings and lease out the remaining space.
The portfolio sale totaled $4.27 million. 818 Magnolia totals 10,420 square feet and was sold for $2.15 million. 830 Magnolia totals 10,471 square feet and was sold for $2.12 million.
Built in 1999, the buildings were recently vacated by a single medical practice user that had occupied the entire space for more than 15 years.
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. Dettling and Tronson also represented the buyer for 830 Magnolia.
“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,” Tronson says.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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