An office property in Rancho Cucamonga has recently been placed up for sale. According to a marketing brochure from CBRE, a 75,349 square foot office building is listed with an asking price of $23.3 million, or about $309 per square foot. The current owner of the property is Nt Investment Group LLC, a Walnut-based entity associated with William Kuo, according to public property records.
Built in 2007, the property is located at 9680 Haven Ave. on more than 0.5 acres. The building stands three stories and also has parking for up to 331 vehicles.
The property is 96.5 percent occupied with a mix of tenants. According to the marketing brochure, the offering provides the opportunity for a potential buyer to pursue a buyout of the tenant currently subleasing 51,305 square feet of the building. The brochure adds that because leases expire over the next few years, an owner/user could also expand into the building’s remaining 24,044 square feet.
The property is situated just north of the Ontario International Airport and within close proximity of Ontario Convention Center. It is also near both Interstates 15 and 10, providing easy access throughout the rest of the Inland Empire.
While office markets across the nation have struggled amidst growing work-from-home trends, the Inland Empire has remained relatively stable compared to other markets. According to CBRE, the Inland Empire’s office market has a vacancy rate of 9.58 percent, the third lowest of any major market in the U.S. With approximately 250,000 square feet of office space, Rancho Cucamonga’s vacancy rate is even lower at 6.64 percent.