San Marcos Plaza, a 160,000 square-foot mix of office, industrial and showroom space, has been sold for $16.3 million.
CBRE represented the buyer, Moreno Valley F1 Owner, LLC, an affiliate of Vertical Ventures, LLC., in the off-market transaction. The previous owner was San Marcos Plaza/JVP, LLC.
Located at 330-340 Rancheros Drive, San Marcos Plaza is a multi-tenant park that the buyer plans to convert into commercial condominiums for sale to small businesses. Units will range in size from 400 to 38,000 square feet.
CBRE’s Phillip Linton and Blake Wilson have been retained to market the units for sale, while the firm’s Project Management unit will renovate the two-building project.
“The demand for commercial condominiums is soaring, and new supply is prohibitively expensive to develop. This project will create needed opportunities for local businesses to own their facilities,” Linton, a first vice president at CBRE.
He added that CBRE has handled more than 25 commercial condominium projects.
San Marcos Plaza offers signage rights and freeway frontage along state Route 78, and is within walking distance to various restaurants and retail outlets, as well as a Sprinter commuter rail station.