TA Associates Sheds SoCal Office

MGR Realty bought Empire Towers V, a nearly 125,000-square-foot Class A building in the Inland Empire for almost $30 million. NKF Capital Markets represented the seller in the transaction.
Empire Towers V

TA Associates has sold Empire Towers V, a 124,529-square-foot Class A office building in the Inland Empire for $29.9 million. The buyer, MGR Realty, had earlier purchased the neighboring Empire Towers I-IV for $78.5 million from Guggenheim Investments in early 2017.

Located at 3990 Concours St. in Ontario, Calif., the five-story property is positioned just north of the San Bernardino Freeway, 40 miles east of downtown Los Angeles. The office is fully leased to 11 tenants, including Chapman University, United Health Care Services and Kimco Staffing Services.

NKF Capital Markets’ Kevin Shannon, Ken White and Michael Moore represented TA Associates in the transaction.

“The Empire Towers campus is an institutional quality asset that is within the Inland Empire West market—one that has seen a major influx of capital investment and tenant expansion over the past several years,” said Moore, senior managing director of NKF Capital Markets, in prepared remarks. “The asset will benefit from its scale, nearby amenities and freeway adjacent location as the region sees continued growth.”

Image courtesy of NKF Capital Markets