MGR Real Estate Acquires Inland Empire Office Asset

Ontario Airport Tower

MGR Real Estate has acquired Ontario Airport Tower, a 147,732-square-foot office building in the Inland Empire, Calif. Way Commercial Realty sold the six-story asset for $39 million.

According to CommercialEdge data, the Class A building last traded in 2015, when Way Commercial Realty acquired the asset for $40.7 million from True North Management Group. That same year, the property became subject to a $29 million Wilmington Trust CMBS loan originated by Argentic, the same source shows.

Completed in 2008, Ontario Airport Tower was developed by PGP Partners Inc. and designed by BPA Architecture. The building is LEED-Silver certified, having a steel frame construction with glass and masonry exterior. The complex also features controlled access and 750 parking spaces.

Located at 2855 E. Guasti Road, the property sits on a 10.6-acre site adjacent to Interstate 10. There are multiple retail, hotel and dining options in the area, including Ontario Mills Mall. Ontario International Airport and Cucamonga-Guasti Regional Park are within a 1.1-mile radius from the property. The facility was 89 percent leased at the time of the sale.

Newmark brokered the transaction, representing the buyer and arranging the financing. The team was led by Executive Managing Directors Ken White, Brunson Howard and Paul Jones, Co-Head Kevin Shannon, Senior Managing Director Michael Moore and Managing Director Brian Bowis.

Newmark also recently represented Angelo, Gordon & Co. in selling a 120,354-square-foot medical office property in Laguna Hills, Calif. Buchanan Partners purchased the Class A building for $28.1 million.