Newmark Capital Markets has completed the $29.87 million sale of Empire Towers V, a five-story 124,529-square-foot Class A office building in Ontario, CA, a city within the Inland Empire region of Southern California.
Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moore represented the seller, TA Associates. The buyer, MGR Realty, was self-represented.
Built in 2007 and situated on 4.4 acres at 3990 Concours Street, Empire Towers V is within walking distance of numerous amenities including restaurants and hotels and provides access to the Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. The Ontario Airport is also less than a mile from the site. The property is currently 100 percent occupied by 11 tenants including United Health Care Services, Chapman University and CEMEX.
“This is the second sale Newmark Capital Markets has brokered in the Empire Tower master-planned park,” said Shannon. “In February 2017, MGR acquired the adjacent Empire Towers I to IV for $78.5 million which totals four buildings and nearly 401,000 square feet. This latest acquisition is a strategic purchase that will complete MGR’s control of the entire Empire Towers development.”
Moore added, “The Empire Towers campus is an institutional quality asset that is within the Inland Empire West market - one that has seen a major influx of capital investment and tenant expansion over the past several years. The asset will benefit from its scale, nearby amenities, and freeway adjacent location as the region sees continued growth.”
The central Ontario location offers high corporate identity with immediate access off the I-10 freeway at both Haven Avenue on/off ramps and Milliken Avenue on/off ramps. Secondary access is provided by the Archibald on/off ramps off 1-10 and Fourth Street on/off ramps from the I-15 Freeway.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.