NGKF Closed $79M Sale of Empire Towers I-IV
- Feb 24, 2017
Los Angeles—NGKF Capital Markets completed the sale of Empire Towers I-IV, a four building office campus in Ontario, Calif., for $78.5 million. Located at 3633 and 4141 Inland Empire Blvd. and 3800 and 4200 Concours, the Class A property includes one nine-story and three three-story buildings totaling 400,976-square-foot office space.
NGKF ‘s President of West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Michael Moore and Senior Managing Director Brunson Howard represented the seller, a joint venture between CIP Real Estate and Guggenheim Partners. The buyer, Inland Empire-based MGR Services was self-represented. David Milestone and Brett Green of NGKF Capital Markets secured the financing on behalf of MGR Services.
The Empire Towers I-IV was built between 1991 and 2005 and the seller renovated the common areas of the property from 2014 to 2016. The property is 88 percent leased to a multi-tenant roll including Liberty Mutual, Wells Fargo, City National Bank, Merrill Lynch and Allstate, among others.
“Empire Towers I-IV is an institutional quality asset that has been well-managed and maintained by the seller,” Kevin Shannon said in a prepared statement. “It is within the Inland Empire region which has benefited from an office market that has been recovering recently which has led to a vacancy rate of about 10 percent for Class A product. Additionally, it provided the buyer with the opportunity to own a large office campus in an irreplaceable, amenity-rich and freeway-adjacent location.”
Images courtesy of Yardi Matrix