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11/19/14
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Golden Gate Theological Seminary closed on a very newsworthy office acquisition out of the Inland Empire, paying $26 mil for a 145k sf ($179/sf), Class A building in Ontario. The property, located at 3210 E. Guasti Rd, was sold by Walton Street Capital and Greenlaw Partners.
The six-story office building is situated on 4.79 acres with a high parking ratio of 5.0 per 1,000 square feet. It is part of Waterside Center, a three-building complex located off the I-10 Fwy near the Ontario International Airport.
Golden Gate Theological Seminary plans to relocate its Marin County campus to the new location, where it will occupy the entire building. They were repped by Steve Lane, Jerry Holdner and Brandon Jenkins from Voit Real Estate Services. Cushman & Wakefield’s Taylor Ing and Drew Sanden represented the seller in the deal.
“Waterside Center is one of the highest-quality Class A office projects in the Inland Empire and the largest contiguous block of vacant office space in the Western Inland Empire and San Gabriel Valley submarkets,” said Ing. “This transaction highlights the growing trend of large users opting to purchase properties rather than lease.”
According to Cushman & Wakefield Research, the Ontario Airport Area, which finished the third quarter 2014 with a vacancy rate of 17.8%, will see that number drop with this deal to 16.1%, the lowest overall vacancy rate since fourth quarter 2007. Although the vacancy rate remains in double digits, there are no single building options remaining in the Ontario Airport Area for lease or purchase.
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