Newmark Brokers $24.7M Sale of Lakeview Ontario Office Campus

New York-based commercial real estate leader Newmark facilitated the off-market sale of Lakeview, a two-building Class A office campus at Ontario, California, to MGR Real Estate for $24.7 million. The campus totals 106,345 square feet and includes 1.85 acres of excess land for immediate development.

“We are excited to add Lakeview to our growing portfolio of high-quality assets in the Inland Empire,” said Michael Rademaker, founder and chief executive of MGR Real Estate, in a statement. “The property’s strong fundamentals, combined with its prime location, strategically located nearby many of MGR’s current assets, align well with our long-term investment strategy.”

Lakeview comprises two Class A, three-story office buildings totaling 106,345 square feet with a 4.1 per 1,000 parking ratio, which can be expanded utilizing the excess land on the 7.85-acre site. Built in late 2004 as part of the master-planned Centrelake Business Park, the buildings feature a steel-and-glass exterior with attractive central lobbies and a campus-like courtyard overlooking a lake.

Strategically located with immediate access to the I-10 Freeway between Haven Avenue and Archibald Avenue, the campus offers strong visibility and connectivity. The property is surrounded by walkable amenities, including restaurants and hotels, and is near Ontario Mills, Toyota Arena, the Ontario Convention Center and Ontario International Airport, which is less than a mile away.

Newmark vice chairman Paul Jones and senior managing director Brandon White, in collaboration with the co-head of U.S. Capital Markets, Kevin Shannon, represented seller BH Properties in the transaction, while MGR Real Estate was self-represented by Rademaker and Tony Hermosillo, vice president of real estate.

Information for this article was sourced from Newmark.