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1/16/15
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OC-based Stillwater Investment Group recently closed on a value-add office buy in the Inland Empire. The company picked up a two-story, 34.5k sf building in Ontario. It was sold by Rialto Capital for $2.35 mil ($68/sf).
Built in 2007, the property, located at 1801 E. Holt, is currently unoccupied. It is situated on the north side of Ontario International Airport, just west of Archibald Ave and south of the I-10.
Stillwater plans to take advantage of limited new development and the diminishing blocks of space in the market for the 20k sf and up size range. According to the company, there has been a strong resurgence of office leasing and investment activity occurring in the region.
Phil Woodford, Senior Vice President with CBRE, represented both the buyer and seller. The buyer plans to complete a number of interior improvements to the property in preparation to sell or lease.
Woodford noted that with no new office product construction planned in the Inland Empire for a considerable amount of time, landlords will be able to take advantage of the decreasing availability of space. He also shared that the increased frequency of investment sales has added to the further stabilization of strong office corridors such as Ontario.
“Near the close of 2014, we had a user acquire an entire six-story, 144k sf Ontario office building that had been vacant. That kind of tenant activity coupled with new investors such as Stillwater entering the market helps to create important momentum at just the right time in the cycle,” added Woodford.
The acquired property is located in Ontario’s primary business district, approximately one block from the Ontario Convention Center with immediate access to the 10 and 15 freeways and Ontario International Airport.
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