IE Business Daily Business news for the Inland Empire.
A building in one of the Inland Empire’s premiere office properties has been sold.
Empire Towers V, a five-story Class A office building in Ontario that covers nearly 125,000 square feet, sold for $29.8 million, according to a statement released by NKF Capital Markets in Los Angeles.
The seller was TA Realty, a real estate investment firm in Newport Beach. The buyer was MGR Real Estate in Upland.
NKF Capital represented TA Realty during the sale negotiations, while MGR Real Estate represented itself.
Built in 2007, Empire Towers V sits on 4.4 acres at 3990 Concours St. It’s within walking distance of multiple hotels and restaurants, is close to Ontario Mills, Ontario Convention Center and Ontario International Airport and has quick access to Interstate 10 and Interstate 15.
The building is fully occupied, and its 11 tenants include United Health Care Services, Orange-based Chapman University and CEMEX, a multinational building materials company based in Mexico.
In February 2017, MGR Real Estate bought Empire Towers I-IV for $78.5 million. Those four buildings cover a little more than 400,000 square feet.
