Investment firm picks up Rancho Cucamonga office building
- Share via
Newport Beach real estate investment management firm Buchanan Street Partners bought a Rancho Cucamonga office building for $10.6 million.
Buchanan bought a 75,000-square-foot building in HavenPark, a master-planned office campus, from Dallas-based Thackeray Partners. The three-story building at 9680 Haven Ave. was completed in 2007 during the last real estate boom and is 89% leased.
“We are pleased to acquire this building at a significant discount to replacement costs,” said Kimberly Stevenson, a Buchanan vice president.
The Inland Empire office market saw substantial construction during the mid 2000s but fell hard during the economic downturn. Average vacancy in Rancho Cucamonga was 24.6% in the second quarter, unchanged from the year before, according to real estate brokerage Cushman & Wakefield.
“The market is still a bit distressed so not as much capital is chasing product in the Inland Empire compared to the coastal markets,” said Tim Ballard, president of Buchanan. “We thought we got a good value due to the lack of competition from institutional investors.”
ALSO:
Former Eames furniture design headquarters sold in Venice
Petersen trust sues Robert F. Maguire over aviation business
Ed Rosenthal thrives after brush with death in desert
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
