IE Business Daily Business news for the Inland Empire.
A six-story Class A office building in Ontario has been sold for $39 million.
Ontario Airport Tower was purchased by MGR Real Estate in Ontario, according to a statement released today by Newmark, a global commercial real estate firm that arranged financing for the transaction.
Information about the seller was not released.
The building, at 2855 E. Guasti Road, is near the Archibald Avenue off-ramp of Interstate 10. It covers nearly 148,000 square feet and was 89 percent leased at the time of sale.
“The Inland Empire office market has outperformed both the Orange County and Los Angeles office markets since the onset of the pandemic, with a current vacancy rate of approximately 10 percent and year-over-year job growth of 5.7 percent,” said Kevin Shannon, Newmark’s co-head of U.S. Capital Markets, in the statement.
“Ontario Towers is arguably one of the best office buildings in the submarket and has consistently outperformed the rest of the submarket.”
