Joint Venture Expands $52M Campus

ONTARIO, CA-The Hileman Co. of Los Angeles and Pacific Coast Capital Partners of El Segundo have acquired a 16-acre class A office campus for $52 million and plan to start construction immediately on a new 150,000-sf, $40 million building. The project, located within the Centrelake Development at Haven Avenue and Guasti Road, consists of two fully leased office buildings known as University Plaza and Sterling Center totaling 175,000 sf, plus nearly eight acres of entitled land.

Hileman, which is completing its $60-million HavenPark mixed use project in nearby Rancho Cucamonga, says it will invest “significant capital” to rebrand and market the new acquisition, beginning with a name change to Waterside Center. According to Jack Hileman, founding partner and president of the Hileman Co., the plans for the new 150,000-sf building are based on the success of HavenPark and “the still exploding Ontario Airport office market.”

The new building that Hileman and PCCP will develop will be called Waterside Center II and is expected to be completed in July 2008. The development team isexploring options for the third phase which could include office space,hotel or both, according to Hileman.