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September 26, 2018
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Inland Empire Office Asset Trades in $45 Mil Transaction


Northpointe, a five-story 280.2k sf Class A office building in San Bernardino, was purchased by TPG Capital & Gramercy Property Trust in a recent $45 mil ($161/sf) sale. The property, situated on 14.5 acres at 1003 Brier Dr, was sold by Founders Properties.

Built in 2007 as a build-to-suit for Wells Fargo, Northpointe is 92% leased with Wells Fargo occupying 885 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.

Kevin Shannon, Ken White, Brunson Howard, Taylor Ing and Drew Sanden with NKF Capital Markets represented the seller in the transaction. NKF’s ector David Milestone and Brett Green arranged the financing on behalf of the buyer.

“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,” commented Shannon. “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.”

Northpointe is prominently situated in the exclusive Hospitality Lane area. It is adjacent to the I-10 and I-215 interchange, is proximate to the 210 Fwy and is 20 minutes from the Ontario International Airport.

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