IE Business Daily Business news for the Inland Empire.
A religious school in Northern California has bought an office building in Ontario and plans to move part of its operation there.
Golden Gate Theological Seminary paid $26 million for the structure at 3210 E. Guasti Road, and it plans to move its Marin County operation there, according to a report in GlobeSt.com.
The school plans to occupy the entire Class A building, which is part of the three-building Waterside Center next to Interstate 10 near Ontario International Airport, the report stated.
Cushman & Wakefield Ontario represented the seller, Walton Street and Greenlaw Partners, while Voit Retail Services represented Golden Gate Theological Seminary.
The transaction is expected to reduce office vacancy in the Ontario Airport market from 17.8 percent to 16.1 percent, which would be that market’s lowest vacancy rate since the fourth quarter of 2007, according to the report.
