Buchanan Street Trades Offices in Ontario, Diamond Bar

CBRE recently facilitated the sale of two office buildings in Southern California. They include 3536 Concours St., an 80,160-square-foot office building north of Ontario International Airport in Ontario, which sold in a 1031 exchange; and 21680 Gateway Center Dr., an 80,753-square-foot, fully renovated corporate center in Diamond Bar. Both were acquired by private investors for an undisclosed price.

Michael Longo, Sean Sullivan, Todd Tydlaska, Grant Goldman, Sammy Cemo, Anthony DeLorenzo, Philip Woodford and Austin Reuland of CBRE, represented the seller 3536 Concours LLC—a partnership with Buchanan Street Partners—in the 1031 exchange transaction. The same team with additional support from Mark Shaffer and Steven Saunders once again represented Buchanan Street and facilitated the Diamond Bar sale.

“With all the negativity around office, this sale proves that there is still 1031 exchange money interested in buying office, and that capital is finding not only value in the Inland Empire, but buying into the security the IE has with the lowest office vacancy in the nation,” said Cemo.

Added Longo, “21680 Gateway Center stands out as maybe the best-in-class building for the entire San Gabriel Valley. The building has continued outperforming the greater market, with current occupancy and a name brand tenant roster. The building received strong interest from investors during our marketing, which is not the case for most offices these days, demonstrating that the best of the best office has a strong future for both tenants and capital.”