Gramercy JV Buys 280 KSF Inland Empire Office Building
- Oct 11, 2017
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.
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 & 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.
Newmark Knight Frank’s 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’s David Milestone and Brett Green arranged a $54.9 million loan provided by Aegon on behalf of the buyer.
“The 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,” Shannon said in a prepared statement. Last month, Shannon also brokered the sale of Centerpointe La Palma, a 526,000-square-foot La Palma office campus.
Image courtesy of Newmark Knight Frank