$16.5 Million Sale of Empire Corporate Center in Ontario
Ontario, CA – Newmark Knight Frank (NKF) has announced the sale of an 80,066-square-foot, four-story office property located at 800 Haven Street in Ontario, CA. Known as Empire Corporate Center, the Class A office property is currently 83 percent occupied.
NKF’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, and Managing Director Michael Moore, represented the seller TA Associates in the $16.5 million sale to the buyer MGR Services.
“MGR Services continues its ongoing expansion of its Inland Empire office portfolio with this acquisition,” said Shannon. “Capital is attracted to both the tremendous discount to replacement cost and prior peak pricing available in the improving Inland Empire office market late cycle.”
According to a recent report by California State Fullerton, Riverside and San Bernardino counties, which comprise the Inland Empire, will expand payroll jobs by 4.4 percent in 2017, up from 3.5 percent in 2016. In 2018, the forecast predicts a 4.8 percent growth, ranking its growth higher than what is expected in Los Angeles and Orange counties.
Shannon further noted that the Inland Empire office investment market has rebounded late within this current cycle and the rebound has been strong.
Empire Corporate Center, built in 1985 and renovated in 2015, is located on the highly visible corner of Haven Avenue and Inland Empire Blvd. It benefits from access to the I-10, I-15, and 210 freeways as well as the Ontario International Airport. The property has onsite parking supporting higher office densities with a parking ratio of almost 5/1,000. NKF further notes that current in-place rents allow for significant rental rate growth.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. For further information, visit www.ngkf.com.