MGR Real Estate Buys Inland Empire Office Campus
The property previously traded in 2013 for half of its current sale price.
MGR Real Estate has acquired Lakeview, a Class A, 106,345-square-foot office campus in Ontario, Calif. BH Properties sold the asset for $24.7 million. Newmark brokered the deal on behalf of the seller, while the buyer had in-house representation.
The campus previously traded in 2013 for $13.8 million, according to Yardi Matrix information.
Located at 3237 and 3257 E. Guasti Road, the property has direct connection to Interstate 10 and North Haven Avenue, with several hotels, dining, and retail options within walking distance of the property. Ontario International Airport, the Ontario Convention Center, as well as the Toyota Arena are within 3 miles.
Part of a business park
Completed in late 2004 on some 8 acres as part of the master-planned Centrelake Business Park, the campus comprises two three-story buildings and 2 additional acres for near-term development. Both Lakeview Center I and Lakeview Center II encompass about 53,000 square feet, with suites ranging from 1,000 to 13,200 square feet.
Amenities feature controlled access, elevators, courtyard, renovated lobbies and common areas, in line with current office space trends. Additionally, the campus has on-site banking and a 4.1-per-1,000-square-foot parking ratio.
The tenant roster includes East West Bank, Canon and Unitek College, among others.
The Newmark team working on behalf of the seller included Vice Chairman Paul Jones, Senior Managing Director Brandon White and Co-Head of U.S. Capital Markets Kevin Shannon. Founder & CEO Michael G. Rademaker and Vice President Tony Hermosillo represented MGR Real Estate in-house.
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