PGIM Sells Inland Empire Office Building
- Jul 26, 2018
Greenlaw Partners has acquired the 123,035-square-foot One Piemonte office asset in the Inland Empire from PGIM Real Estate.
The Class A building traded for $29.5 million, according to Yardi Matrix. The buyer financed the acquisition with a 12-year, $19.2 million mortgage held by USAA. PGIM previously purchased the property from Phelan Development in 2008, when the building completed construction.
Located at 901 Via Piemonte in Ontario, Calif., the building rises five stories within 2 miles of the intersection of interstates 10 and 15. The 1.4 million-square-foot Ontario Mills shopping mall is positioned nearby, as are multiple other retail properties and hotels.
The building has a vacancy rate of 1.3 percent, per Yardi Matrix data from July, and the tenant roster includes Bank of America, IMEG Corp., Hillwood Development Co. and BBVA Compass. The property contains 1,698 square feet of retail, approximately 25,000-square-foot floor plates and parking at a ratio of 5 per 1,000 square feet. Greenlaw will handle management operations in-house.
Last year, Greenlaw paid $106 million for an Orange County business park in a joint venture with Westbrook Partners.
Image courtesy of Yardi Matrix