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4/30/15
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Buchanan Street Partners has purchased Waterside Center, a two-building, 159k sf office complex in Ontario.The asset, located at 3110 and 3200 East Guasti Rd, was acquired from a venture between Greenlaw Partners and Walton Street Capital. The price was not immediately disclosed.
Built in 2007, Waterside Center was 97% leased at the time of sale. It features contemporary architecture, outdoor courtyards and water features, a state-of-the-art energy management system and a fiber optics infrastructure for optimized bandwidth.
The project is located adjacent to the Ontario International Airport and I-10 Fwy within the Centrelake Business Park, a 70-acre, master-planned corporate and financial center. The project has high visibility to the I-10 freeway and direct access to the I-10, I15, SR60, and I-210 freeways.
“This institutional grade asset was an attractive addition to our portfolio of stabilized, high quality office buildings,” said Bob Dougherty, partner at Buchanan Street Partners. “We anticipate that the imbalance between office product supply and demand in the region will have a favorable impact on rent growth.”
Last year, the Inland Empire West office market had its best performance since 2007, led by strong leasing activity in Riverside, Rancho Cucamonga and Ontario. The Inland Empire West experienced more than 300,000 square feet of positive net absorption in 2014. Additionally, new tenant demand and an improving economy led to a dip in the vacancy rate below 10 percent in the first quarter of 2015.
“Although vacancies are declining, we anticipate very little new speculative inventory in the Inland Empire,” said Kimberly Stevenson, vice president at Buchanan Street Partners. “As an existing owner of assets in the region, we have seen excellent occupancy and rental improvement over the past several years. Waterside Center represents an outstanding opportunity to participate further in this upward trend.”
Kevin Shannon’s team atCBRE represented the seller, while Buchanan Street Partners repped itself.
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