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IRVINE, CA-Opus West has acquired a 10-acre land parcel that the development firm plans for a new project called Haven Point, which will feature 140,000 sf of office plus 16,000 sf of retail and a 5,000-sf pad that is designated for a bank branch. The new Opus West project will be developed on an Inland Empire site on the west side of Haven Avenue between Civic Center Boulevard and Arrow Route in Rancho Cucamonga that is across from Rancho Cucamonga City Hall and the San Bernardino Courthouse.

Opus West paid $10 million for the parcel, where it plans to develop the project beginning in the spring. The office space will be in a four-story building beginning, with the retail space slated for a premier corner portion of the parcel. The development is expected to be completed in the summer of 2009.

The location of the new project is in an area known as the Haven Corridor. Kyle Dorand, senior manager of real estate development for Opus West, notes that the location will offer direct access to Interstates 10 and 15, close proximity to the 1.3-million-sf Victoria Gardens lifestyle shopping and entertainment center.

The Inland Empire office market has performed among the top office markets in the US statistically in recent years, and Opus West “has identified a strong demand for class A office space and supporting amenities,” Dorand points out. Demand is growing among law firms, accounting firms and other companies that conduct regular business with the City of Rancho Cucamonga and the San Bernardino Courthouse, he notes.

Opus has named Taylor Ing and Michael Day of CB Richard Ellis to market the office portion of the property, with Tony Archer and Matt Burnett of CB Richard Ellis responsible for marketing the retail and bank space.

According to Ing, the vacancy rate is less than 7% in the Inland Empire West submarket, which encompasses Chino, Chino Hills, Ontario and Rancho Cucamonga. The submarket posted net absorption of approximately 185,525 sf in 2007.

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