—Rancon Realty Fund V has disposed of Three Carnegie Plaza. The buyer, a 1031 Exchange Partnership made up of 1250 Fairfax LLC and 521 East 11th St. LLC, paid $8 million for the 85,846-sq.-ft. office property located in San Bernardino, Calif.
“This asset was a 1031 Exchange for the buyer who intends to add value by an aggressive-up of the remaining vacant space,” said Dan Vittone, principal with Avison Young, who represented the seller, along with colleague Alan Pekarcik. “The property is in excellent condition and has been awarded the Energy Star label for the past four consecutive years.”
Constructed in 2005, the two-story building is 64 percent occupied. Three Carnegie Plaza sits on 1.07 acres and is part of the master-planned, mixed-use Tri-City Corporate Centre.