X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DIAMOND BAR, CA-The buyer of a two-story, 50,351-sf office building at 1470 S. Valley Vista Drive has obtained $4.9 million in acquisition financing, according to Holliday Fenoglio Fowler, which arranged the financing.

Robert S. Morey of the commercial mortgage firm says the loan was provided by Morgan Stanley, a conduit lender.

The buyer of the building was Teles Properties, a Los Angeles-based private investment group.The office building was constructed in 1988 and is part of Gateway Corporate Center, a 255-acre, master-planned business park that lies between the Pomona (60) and Orange (57) freeways. The 50,351 sf is 100% leased, with Kelly Clarke as the major tenant.

According to a previous GlobeSt.com report, Teles bought the building for $6.9 million from a partnership of IRP Muller Associates, which had owned the property for about four years. The 1470 S. Valley Vista property is a stand-alone, steel-frame building that is part of more than 3 million sf of office space in about 20 buildings at the Gateway Corporate Center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.