Newmark has completed the $45 million sale of Northpointe, a five-story 280,173-square-foot Class A office building in San Bernardino, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Brunson Howard, Executive Director Taylor Ing and Director Drew Sanden represented the seller, Founders Properties. The buyer, TPG Capital & Gramercy Property Trust, was self-represented. Newmark’s Executive Managing Director David Milestone and Managing Director Brett Green arranged the financing on behalf of the buyer.
Built in 2007 as a build-to-suit for Wells Fargo, Northpointe is located at 1003 Brier Drive and is situated on 14.5 acres. It is 92 percent leased with Wells Fargo occupying 88 percent of the building. Konica Minolta is also a tenant. The asset features highly efficient state of the art building systems throughout as well as numerous training and conferencing spaces. It also includes two separate parking structures.
“Northpointe is one of the highest quality Class A office buildings in the entire Inland Empire office market. Wells Fargo is the anchor tenant that provides a stable credit cash flow stream which will be enhanced by additional leasing. The Inland Empire is enjoying some of the strongest job growth in the nation which is the reason the office market has continued to improve and is poised for near term rent growth,” said Shannon.
Northpointe is prominently situated in the exclusive Hospitality Lane area. It is adjacent to the Interstate 10 and Interstate 215 interchange, is proximate to the 210 Freeway and is 20 minutes from the Ontario International Airport.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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.
Newmark 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 www.bgcpartners.com.