ONTARIO, CA—Walton Street and Greenlaw Partners have sold a 145,000-square-foot class A office building in Ontario. The property, located at 3210 E. Guasti Rd., was sold to Golden Gate Theological Seminary for $26 million.
Cushman & Wakefield's Taylor Ing and Drew Sanden represented the seller. “Waterside Center is one of the highest-quality class A office projects in the Inland Empire and the largest contiguous block of vacant office space in the Western Inland Empire and San Gabriel Valley submarkets,” says Ing. “This transaction highlights the growing trend of large users opting to purchase properties rather than lease.”
The six-story office building is situated on 4.79 acres with a high parking ratio of 5.0 per 1,000 square feet. It is part of the Waterside Center, a three building complex located off the I-10 freeway near the Ontario International Airport.
Golden Gate Theological Seminary plans to relocate its Marin County campus to the new location, where it will occupy the entire building.
According to Cushman & Wakefield Research, the Ontario Airport Area, which finished third quarter at 17.8%, will further decline with this transaction to 16.1%, the lowest overall vacancy rate since fourth quarter 2007. Although the vacancy rate remains in double digits, there are no single building options remaining in the Ontario Airport Area for lease or purchase.
This transaction will create another quarter of occupancy gains in the Ontario Airport Area, says Cushman & Wakefield. This marks three consecutive years of positive absorption in this submarket.
Golden Gate Theological Seminary was represented by Steve Lane, Jerry Holdner and Brandon Jenkins from Voit Real Estate Services.
"Our new campus will be very different than our former campus. It is a much more efficient use of space and resources" says Golden Gate Baptist Theological Seminary president Jeff Lorg. "A seminary for the 21st century needs space for students, faculty, library, worship and administration. We will soon have state-of-the-art facilities for all these purposes, plus the most advanced educational technology available."
He also added that there are future plans in the works for the new Bay Area campus as well.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
