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7/12/18
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In a notable office buy out of the Inland Empire, MGR Realty paid $29.87 mil for Empire Towers V, a five-story 124.5k sf Class A ($240/sf) office building in Ontario. The property, built in 2007 and situated on 4.4 acres at 3990 Concours St, was sold by TA Associates.
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% occupied by 11 tenants including United Health Care Services, Chapman University and CEMEX.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moore represented the seller in the transaction. The buyer was self-represented.
According to Shannon, in February 2017, MGR acquired the adjacent Empire Towers I to IV for $78.5 mil, which totals four buildings and nearly 401k sf. 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.
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