Pacific Coast Commercial is pleased to announce the sale of Rio Sur office buildings. The approximately 28,564 SF buildings sold on November 1, 2021, for $5,750,000.
The property consisted of two office buildings located on an approximately 2.17 acre lot and was 95% leased at the time of sale. The seller will be participating in a 1031 exchange and purchasing an up-leg property outside of California. The Buyer intends to hold the property as an investment.
“Now that the economy and investment lending programs are opening up, we’re seeing a marked increase in investment properties trading both on and off market. The increase being driven in part by investor concerns over potential 1031 tax law changes and by the movement of investment capital out of state. This sale reflects those driving forces,” stated Shirley Kanamu, Senior Broker at Pacific Coast Commercial.