ONTARIO, CA—Buchanan Street Partners has purchased Waterside, a two-building office property in the Inland Empire, after seeing occupancies and rental rate growth in two nearby office properties that the company owns, GlobeSt.com reports exclusively. The 159,092-square-foot property was purchased from a joint venture between Greenlaw Partners and Walton Street Capital for an undisclosed price.

According to Bob Dougherty, a partner at Buchanan Street Partners, the company has been privy to the recovery of the office market in Ontario because it owns two other properties in the market. “Our occupancies have tightened significantly, and rents are firming up nicely,” he tells GlobeSt.com. “Waterside Center represents an outstanding opportunity to participate further in this upward trend through a well-leased, best-in-class project. We were attracted Waterside center’s strong cash flow in combination with a purchase price, which is well below replacement cost.  Rents have some room to run before new construction is economically feasible, reducing the competitive threat from new supply.”

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