Class-A Ontario Office Changes Hands

ONTARIO, CA-GlobeSt.com has exclusively learned that BH Properties LLC has acquired a 106,345-square-foot office property in Ontario for $13.8 million. The transaction comes on the heels of BH Properties' acquisition of the 150,000-square-foot AT&T offices at 2085 Rustin Ave. in Riverside, CA in January.

“This class-A property is well located in a market that is showing signs of recovery,” explains EVP of BH Properties Steve Jaffe, noting that this acquisition gives BH its third purchase in Southern California in the last seven months.

According to Jaffe, “The company is very excited about our recent acquisitions in the Los Angeles basin. After an eight-year hiatus from California purchases, this property—along with the other two recent transactions—marks a new acquisition strategy for the company.”

That strategy, Jaffe says is that while still seeking value-add type assets, “we now are looking to acquire higher quality properties in more densely populated areas.”

The seller, PCCP and the Muller Cos., were represented by Kevin Shannon, Darla Longo and Phil Woodford of CBRE, while BH Properties was self-represented.

Shannon tells GlobeSt.com that the Inland Empire office market is clearly poised for recovery aided in part by the dramatic rebound in the local housing market. This project, he says, was acquired “at a significant discount to both replacement cost and peak pricing which offers BH Properties tremendous future upside.” 

Located at 3257 & 3237 E. Guasti Rd., the property, named Lake View Center, was built in 2004 and is currently 62% leased. BH Properties plans to invest additional capital into the project and lease it up to full occupancy as a long term hold for the company.

The purchase included approximately 1.6 acres of additional developable land, and is currently occupied by East West Bank, T-Mobile and University of La Verne, to name a few.