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4/02/19
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Premier Investment Enterprises Inc recently acquired a three-story, Class A office building in Ontario for $9.7 mil, or $181/sf. The three-story building, New Pointe Plaza, was sold by MDT Enterprises LLC and Cardinal Equities LLC.
Located at 3350 Shelby Court, New Pointe Plaza was completely remodeled in 2015 and now features updated lobbies, restrooms, updated landscaping and a resurfaced parking lot. The property also includes a state-of-the-art security system, two elevators, and free surface parking. The site is in proximity to the Ontario International Airport and a variety of amenities.
Remax Universal Realty represented the buyer, a Rancho Cucamonga-based real estate investment company. CBRE’s John Bibeau and Steven Saunders represented the seller, a full-service real estate investment, development and management company based in Los Angeles.
The seller conducted an immediate full-building renovation after purchasing the property in 2013 to attract tenants and re-position the asset. The CBRE team handled all leasing, increasing occupancy from 37% to 94% during that time period.
“The sellers acquired this as a true value-add opportunity and repositioned the asset with a full common-area remodel, pricing strategy, and first-class property management,” said Bibeau. “This allowed them to significantly increase occupancy and ultimately sell the property as a stabilized, well-maintained asset in, arguably, the tightest office submarket in the Inland Empire.”
Added Saunders, “The transaction also allowed the buyer to defer substantial capital gains from the sale of another property, increase its square footage in the Western IE and upgrade the quality of its local portfolio. This was a true win-win for both parties.”
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