Newmark has completed the $38.6 million sale of a Class A, two-building, 159,092-square-foot office campus in Ontario, CA.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White, and Paul Jones, and Managing Director Rick Stumm represented the seller, Buchannan Street Partners. The buyer, MGR Real Estate Inc., was self-represented.
Located at 3110 and 3200 E. Guasti Road, the property was built in 2005 and 2007 respectively. The five-story, 91,357-square-foot 3110 building is called University Plaza and is situated on 6.54 acres. The three-story, 67,735-square-foot 3200 building is called Waterside Center I and is situated on a .67-acre parcel.
“This property is a true Class A office environment that is occupied by a diverse roster of both regional and national tenants located in one of Southern California’s tightest office markets,” said Howard. “New ownership is well positioned to capitalize on the strong fundamentals in the Inland Empire office market that include cyclical low vacancy rates and continued net in migration of both residents and corporate occupiers.”
“The Inland Empire has really come into its own this cycle particularly when you consider the single digit vacancy rates and the fact that there is no new speculative office product on the immediate horizon. This region is poised for continued rent growth and consistent capital appreciation,” added Shannon.
The property is ideally situated West of Interstate 15, immediately adjacent to Interstate 10 and just blocks from Ontario International Airport in the desirable Airport Area submarket. According to Newmark’s Third Quarter Inland Empire Office Market Report, the Airport submarket is seeing a low 7.6 percent vacancy rate with no new projects under construction.
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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