NGKF Capital Markets has completed the $78.5 million sale of Empire Towers I-IV, a four-building, 400,976-square-foot office campus in Ontario, CA. Located at 3633 and 4141 Inland Empire Blvd., and 3800 and 4200 Concours, the Class A property includes one nine-story building and three three-story buildings situated on 19.43 acres.
NGKF Capital Markets’ President, West Coast Capital Markets Kevin Shannon, Executive Managing Director, Ken White, Managing Director Michael Moore, and Senior Managing Director Brunson Howard, represented the seller, a joint venture between CIP Real Estate and Guggenheim Partners. The buyer, Inland Empire-based MGR Services was self-represented. David Milestone and Brett Green of NGKF Capital Markets secured the financing on behalf of MGR Services.
The property is 88 percent leased to a diverse, multi-tenant rent roll including Liberty Mutual, Wells Fargo, City National Bank, Merrill Lynch, and Allstate, among others.
“Empire Towers I-IV is an institutional quality asset that has been well-managed and maintained by the seller,” said Shannon. “It is within the Inland Empire region which has benefitted from an office market that has been recovering recently which has led to a vacancy rate of about 10 percent for Class A product. Additionally, it provided the buyer with the opportunity to own a large office campus in an irreplaceable, amenity-rich and freeway-adjacent location.”
Built in 1991 to 2005, the seller substantially renovated the common areas of the property from 2014 to 2016. Empire Towers I-IV offers open, contemporary tenant spaces with modern finishes, efficient floor plates, and 10’ to 12’ ceiling heights. It provides immediate access to the 10, 15 and 210 freeways as well as the Ontario International Airport.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.