Inland Empire Health Plan Buys Empire Lakes Corporate Center in Rancho Cucamonga, Calif.
Los Angeles, CA (PRWEB) October 19, 2016 -- Inland Empire Health Plan (IEHP), a not-for-profit public health organization, has purchased Empire Lakes Corporate Center for $44.3 million. The 241,292-square-foot, Class A office building is located at 9500 Cleveland Avenue in Rancho Cucamonga, Calif. The seller was the Utah State Retirement Fund.
IEHP also owns the neighboring property, an approximately 400,000-square-foot building situated at 10801 Sixth Street. IEHP relocated from San Bernardino to Rancho Cucamonga in 2013, consolidating its operations from multiple locations into the single building, which it purchased the following year. The transaction provides for additional occupancy, parking and approximately 20 acres of land.
“The most recent acquisition affords IEHP with an opportunity to accommodate its rapidly growing workforce and create a corporate campus to better serve its expanding community of members,” said Josh Gorin, Senior Vice President and Los Angeles Branch Manager with Savills Studley. IEHP’s growing membership is currently more than 1.3 million. “The transaction also solves current parking challenges and allows for the possibility of future development.”
Renovated in 1999, Empire Lakes Corporate Center is a steel-framed structure with a fiberglass-panel skin and bronze vision glass. Current tenants include Southern California Edison and State Farm Insurance. Amenities comprise an onsite, full-service cafeteria, abundant parking and 10-foot high finished ceilings.
The building lies within a 380-acre, master-planned development, overlooking the Arnold Palmer designed Empire Lakes Golf Course. Empire Lakes is accessible from both the I-10 and I-15 freeways.
Andrew Peake and Tom Pierik of Lee & Associates represented the seller in the transaction.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
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Erin Holin, Savills Studley, +1 212.326.1024, [email protected]
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