Ruth Group Acquires $100M Office Portfolio

The portfolio includes a three-story 78,537-sf building at 3536 Concours St. in Ontario, in addition to the fully entitled development site for 888 Haven Ave. at the southeast corner of Haven Avenue and Concours Street in Ontario. The other two development sites, which are fully entitled, are at the Retreat Business Center on the southwest corner of Weirick Road and the I-15 Freeway in Corona.

The Ruth Group and the seller, Ontario-based Empire Commercial, executed the deal privately. According toPhil Woodford, a senior vice president at CBRE, the deal demonstrates that "seasoned office developers believe in the Inland Empire office market and its continued growth." Woodford and his team, including senior vice president Vindar Batoosingh and associate Brandon DeVaughn, assisted Ruth in the acquisition of the Inland Empire properties.

The portfolio's three entitled development sites present what the new owner calls "a rare and unique opportunity for the developer to acquire permit-ready land, requiring little to no down time." In a market where the entitlement process can span years and involve high costs, the Ruth Group anticipates breaking ground soon on the Retreat Business Center.

The Retreat Business Center is adjacent to the new master planned community of Dos Lagos, which includes the high-end lifestyle center the Promenade Shops at Dos Lagos. The Retreat Business Center will include two office buildings totaling 94,000 sf. The two-story, class A office buildings will provide a parking ratio of five spaces per 1,000 sf of office space to accommodate both office and medical users.

The Ruth Group expects to begin construction this year on the 888 Haven Ave. building, with an anticipated delivery date of December 2008. The development will include a six-story, 152,663-sf class A office building and an adjacent four-level parking structure.