July 12, 2018 Comments (0) Views: 634 California News, Inland Empire

MGR Takes Full Control of Ontario’s Empire Towers

Empire Towers V, a five-story 124,529-square-foot Class A office building in Ontario, CA, has traded hands for $29.87 million. Upland, CA-based MGR Realty acquired the institutional-quality asset from TA Associates.

Built in 2007 and situated on 4.4 acres at 3990 Concours St., the property is near numerous amenities including Ontario Mills Mall, Citizens Business Bank Arena and Ontario Convention Center. The Inland Empire West property is currently 100% occupied by 11 tenants including United Health Care Services, Chapman University and CEMEX.

NKF’s Kevin Shannon, Ken White and Michael Moore represented the seller. The buyer was self-represented.

“This is the second sale NKF Capital Markets has brokered in the Empire Tower master-planned park,” said Shannon. “In February 2017, MGR acquired the adjacent Empire Towers I to IV for $78.5 million, which totals four buildings and nearly 401,000 square feet. This latest acquisition is a strategic purchase that will complete MGR’s control of the entire Empire Towers development.”

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