Bank Signs Six-Year Deal at Waterside Center

Community Bank, a regional business bank with $2.5 billion inassets, has signed for space at the five-story, 100,000-square-foot University Plaza, one of three class A buildings composing the WatersideCenter. The bank, which has 14 offices throughout Southern California, is relocating its existing Ontario office from 430 N. Vineyard in a deal valued at $1 million.

Jack Hileman, president of the Hileman Co., notes that Waterside Center I and University Plaza have significantly recovered and are now 85% leased and 65% leased respectively after suffering a loss in 2008 of major tenant Fremont Investment due to Fremont's bankruptcy. "While it is still a very challenging leasing market out there, we remain committed to our projects and continue to make the investments necessary to add value and ensure our project's long-term viability," Hileman says.

In another recent transaction, legal publishing company Personnel Concepts, which signed a five-year lease in late 2008 for 23,000 square feet in the three-story 75,000 square-foot Waterside Center I, has signed a lease expansion for an additional 4,000 square feet. Other tenants who have signed in the past year include engineering giant Parsons ServiceCo., which leased 7,800 square feet at Waterside Center I.

Waterside Center I was represented in both transactions by Taylor Ing of CB Richard Ellis. Community Bank and Personnel Concepts were represented by Ing and Michael Day of CB Richard Ellis.

The Hileman Co. also developed and owns the fully leased 150,000 square-foot HavenPark project located in nearby Ranch Cucamonga. Pacific Coast Capital Partners is a real estate finance and investment management firm with more than $4 billion in assets under management.