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12/17/19
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In a recent Inland Empire office sale, a 159.1k sf, Class A office campus in Ontario traded for $38.6 mil, or $243/sf. The two-building asset was purchased by MGR Real Estate Inc.
Located at 3110 and 3200 E. Guasti Rd, the property was built in 2005 and 2007 respectively. The five-story, 91.4k sf 3110 building is called University Plaza and is situated on 6.54 acres. The three-story, 67.7k sf 3200 building is called Waterside Center I and is situated on a .67-acre parcel.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White, and Paul Jones, and Managing Director Rick Stumm represented the seller, Buchannan Street Partners. MGR was self-represented.
“This property is a true Class A office environment that is occupied by a diverse roster of both regional and national tenants located in one of Southern California’s tightest office markets,” said Howard. “New ownership is well positioned to capitalize on the strong fundamentals in the Inland Empire office market that include cyclical low vacancy rates and continued net in migration of both residents and corporate occupiers.”
“The Inland Empire has really come into its own this cycle particularly when you consider the single digit vacancy rates and the fact that there is no new speculative office product on the immediate horizon. This region is poised for continued rent growth and consistent capital appreciation,” added Shannon.
The property is ideally situated west of I-15, immediately adjacent to I-10 and just blocks from Ontario International Airport in the desirable Airport Area submarket. According to NKF’s Third Quarter Inland Empire Office Market Report, the Airport submarket is seeing a low 7.6% vacancy rate with no new projects under construction.
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