An office building in the Inland Empire has recently been placed up for sale. According to a marketing brochure from CBRE, an 80,160 square foot office building in Ontario is listed for sale with an asking price of $17 million, or about $212 per square foot.
The property is located at 3536 Concours St. and is marketed by CBRE on behalf of its owner, 3536 Concours LLC, an entity that shares an address with Newport Beach-based Buchanan Street Partners.
Built in 2002, the office building stands three stories and sits on 3.87 acres. The site also offers 308 parking spaces.
Currently, the building is 90 percent occupied, with tenants including Michael Baker International, Teichert Energy & Utilities Group, Union Bank and many others. According to the marketing brochure, the property has an average weighted lease term of 3.32 years and a current net operating income of $1.3 million.
Positioned on Concours Street, the property is located close to Interstates 10 and 15 and is also near a number of retail, entertainment and hospitality amenities. The area is also home to a large employee base, with 309,963 people residing within a five-mile radius. Those living within a five-mile radius also have an average household income of $106,092 per year, according to CBRE.
Compared to other office markets across the nation, the Inland Empire has seen signs of positive growth. According to a third quarter office market report from CBRE, the Inland Empire has seen a slight decrease in vacancy to 9.4 percent, a more than 10 percent drop from the prior quarter. Additionally, the average rental rates increased to $2.01 per square foot. Further, net absorption reached 25,535 square feet in the third quarter.
