MGR Acquires Ontario Trophy Office Building for $39M
Newmark has arranged the sale and financing of Ontario Airport Tower, a six-story, Class A, LEED-Silver Certified office building in Ontario, CA. MGR Real Estate purchased the asset from an undisclosed seller for $39 million.
The Newmark team of Kevin Shannon, Ken White, Brunson Howard and Paul Jones represented the seller and Brian Bowis secured the financing for MGR. “Ontario Airport Tower is arguably one of the best office buildings in the submarket and has consistently outperformed the rest of the submarket,” said Shannon. Colliers’ Sean Fulp, Ryan Plummer, and Mark Schuessler, formerly of Newmark, also represented the seller.
Located at 2855 E. Guasti Rd, the 148,000-square-foot building is 89% leased and offers one of the highest overall parking ratios of any Class A office property in the area. Ontario Airport Tower features a well-designed lobby with travertine flooring, stainless steel, glass and wood accents. In addition, the building has frontage on the I-10 Freeway and is proximate to the Ontario Mills Mall.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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