CBRE recently facilitated the sale of two office buildings in Southern California. The properties, located in Ontario and Diamond Bar, were acquired by private investors for an undisclosed price. 3536 Concours St., a 80,160-square-foot building near Ontario International Airport, was sold as part of a 1031 exchange transaction while 21680 Gateway Center Dr., a fully renovated corporate center spanning over 80,000 square feet in Diamond Bar.
The seller was represented by CBRE’s team consisting of Michael Longo, Sean Sullivan,Todd Tydlaska Grant Goldman,Sammy Cemo Anthony DeLorenzo Philip Woodford and Austin Reuland. Mark Shaffer and Steven Saunders also provided additional support for the transaction involving Buchanan Street Partners.
According to Cemo,”This sale is proof that despite negative sentiments surrounding office spaces currently there is still interest from investors looking to make use of their capital through exchanges.” He further added,”Investors are recognizing the value offered by Inland Empire along with its low vacancy rates making it an attractive option.”
Longo stated that “21680 Gateway Center stands out as one of the best buildings available within San Gabriel Valley.” He also mentioned that “the property has consistently performed well compared to other offices in this market with high occupancy rates and renowned tenants.” The strong investor interest received during marketing highlights how top-quality offices like this have promising prospects for both tenants and capital.
This article originally appeared on Connect CRE.
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