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9494 Haven, located in the city of Rancho Cucamonga, has undergone extensive renovation providing a modern more than 61,000-square-foot, two-story office campus to the market. The renovation increases the building area of the property, which was built in 2004, by approximately 32,000 square feet with the addition of second floor office space, further raising the bar for the quality of conventional office space in the market.
According to Newmark Senior Managing Director Drew Sanden, who along with Senior Managing Director Taylor Ing and Senior Associate Scott Maples, represent 9494 Haven, the property represents the largest contiguous block of space now available in the Rancho Cucamonga/Ontario submarket.
9494 Haven fronts Haven Avenue, recognized as the main North/South artery in Ontario/Rancho Cucamonga, offers a strong identity and signage opportunity for prospective tenants. The property also provides a +6:1000 parking ratio. Along with the addition of the second-floor, the owner is modernizing 9494 Haven’s building exterior, creating a separate identity and curb appeal for the new office space. The exterior renovations include window cutouts to encourage greater natural light throughout, wood paneling, a glass curtain wall lobby and additional high-end finishes. All renovations are scheduled for completion in February 2020.
“9494 Haven will be one of the only truly modern campuses in the area. This property comes to market at an opportune time as market fundamentals continue to improve and demand for well-branded campus-style locations is strong,” said Sanden.
According to Newmark 4Q 2019 Inland Empire Office Market Report, vacancy is now at 8.8 percent in the region and has remained below 10 percent for nine straight quarters. Although speculative construction is occurring, it is nominal and new construction is minimal; most tenants are renewing, and rent growth is becoming more pronounced. Overall, the story for the Inland Empire remains one of affordable housing relative to Southern California’s coastal communities, which favors ongoing population growth, supporting office space demand from government, legal service firms and trade schools.
“The lack of large blocks of available office space in the Inland Empire is another aspect that supports the value of this renovation. The west region only has four vacancies over 30,000 square feet, including 9494 Haven. All the available spaces are second generation except for 9494 Haven which is in shell condition.” Sanden added.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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