Newcastle Partners and HG Capital Acquire Class A Office Property in Corona, California
Corona, Calif., August 22, 2011 – Newcastle Partners, Inc., a real estate investment and development company, and capital partner HG Capital, LLC, have announced the acquisition of Corona Gateway, a three-story, Class A office building totaling 68,000 square feet. Built in 2008, the property is located at 4740 Green River Road directly off the 91 Freeway in Corona, Calif. The bank-owned property was 25 percent occupied at the close of escrow. According to Newcastle Partners’ founder and CEO Dennis Higgs, the partnership acquired the building as a REO property.
“This acquisition was a good fit with Newcastle Partners’ aggressive strategy of acquiring quality, well-located assets in major California markets at substantial discount to replacement cost,” said Higgs. “Corona Gateway benefits from an exceptional location for business on the 91 freeway and at the gateway to Corona and the Inland Empire,” said Higgs. “We currently own more than 1.5 million square feet of industrial property in the region and this Class A office property that borders Orange County complements our growing portfolio there.”
Corona Gateway includes 53 individual suites ranging in size from 200 to 2,500 square feet. Newcastle Partners’ plan for the property is to work with Andrew T. White of 360 Commercial Partners to aggressively market the property to smaller local tenants for immediate occupancy.
Situated in an ideal location on the Orange County/Inland Empire border, Corona Gateway has turnkey suites of all sizes ready for immediate occupancy. The building features impressive high-quality finishes and a dramatic central atrium. Other noteworthy building features include responsive on-site management, abundant surface parking, and high speed internet capabilities.
The location benefits of Corona Gateway include significant freeway frontage opportunity and building top signage available. The high-quality building is within walking distance to numerous amenities, and easy access to the 71, 55, and 241 Toll Road Freeways.
About Newcastle Partners
Founded in 1999, Newcastle Partners, Inc. is a real estate investor and developer focused on quality industrial, office and business park properties throughout the West Coast. Newcastle Partners has a proven track record of creating substantial value. Newcastle Partners has offices in Irvine and San Francisco, California, and currently owns or has recently developed in partnerships more than $728 million of properties. Visit Newcastle Partners at www.newcastlepartners.com.