{"id":1004193559,"date":"2017-10-11T08:08:41","date_gmt":"2017-10-11T16:08:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193559"},"modified":"2022-12-08T11:33:55","modified_gmt":"2022-12-08T19:33:55","slug":"gramercy-jv-buys-280-ksf-inland-empire-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gramercy-jv-buys-280-ksf-inland-empire-office-building\/","title":{"rendered":"Gramercy JV Buys 280 KSF Inland Empire Office Building"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004193560\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004193560\" data-attachment-id=\"1004193560\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gramercy-jv-buys-280-ksf-inland-empire-office-building\/northpointe-in-san-bernardino-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg\" data-orig-size=\"1925,1448\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1315674467&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Northpointe in San Bernardino, Calif.\" data-image-description=\"&lt;p&gt;Northpointe in San Bernardino, Calif.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Northpointe in San Bernardino, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg?w=1024\" class=\"wp-image-1004193560 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg\" alt=\"Northpointe in San Bernardino, Calif.\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg 1925w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg?resize=768,578 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg?resize=1024,770 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Northpointe-in-San-Bernardino-Calif.-e1507725988853.jpg?resize=1536,1155 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004193560\" class=\"wp-caption-text\">Northpointe in San Bernardino, Calif.<\/p><\/div>\n<p>Founders Properties sold Northpointe, a 280,173-square-foot office building in San Bernardino, Calif. A joint venture between TPG Capital and Gramercy Property acquired the property for $45 million. The asset was 92 percent occupied at the time of the transaction.<\/p>\n<p>Completed in 2007, the five-story property is located at 1003 E. Brier Drive, less than a mile from Interstate 10. The asset offers easy access to multiple bus stations, restaurants and hotels, including Shiki Sushi Sportsbar, Hampton Inn &amp; Suites and Residence Inn by Marriott. Northpointe features two separate parking facilities with 1600 parking spaces. Tenants include Wells Fargo and Konica Minolta. Wells Fargo occupies 88 percent of the Class A office building.<\/p>\n<p>Newmark Knight Frank\u2019s Kevin Shannon, Ken White, Brunson Howard, Taylor Ing and Drew Sanden negotiated the sale on behalf of the seller, while the buyer represented itself. NKF&#8217;s David Milestone and Brett Green arranged a $54.9 million loan provided by Aegon on behalf of the buyer.<\/p>\n<p><em>\u201cThe Inland Empire is enjoying some of the strongest job growth in the nation, which is the reason the office market has continued to improve and is poised for near-term rent growth,\u201d<\/em> Shannon said in a prepared statement. Last month, Shannon also brokered the sale of Centerpointe La Palma, a 526,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/orange-county-business-campus-trades-for-106m\/\">La Palma office campus<\/a>.<\/p>\n<p><em>Image courtesy of Newmark Knight Frank<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Working on behalf of Founders Properties, NKF brokered the sale of Northpointe in San Bernardino. TPG Capital teamed up with Gramercy Property to purchase the five-story asset.<\/p>\n","protected":false},"author":753,"featured_media":1004508589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,34027,21742,21747,15],"tags":[35863,33227,33532,36007,33184],"class_list":["post-1004193559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-inland-empire","category-latest","category-office","category-west","tag-founders-properties","tag-gramercy-property-trust","tag-kevin-shannon","tag-newmark-knight-frank","tag-tpg-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gramercy JV Buys 280 KSF Inland Empire Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gramercy-jv-buys-280-ksf-inland-empire-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gramercy JV Buys 280 KSF Inland Empire Office Building\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of Founders Properties, NKF brokered the sale of Northpointe in San Bernardino. 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