NKF Completes $45M Sale of Northpointe
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Northpointe, a five-story, 280,173-square-foot office building in San Bernardino, CA, has sold for $45 million. The buyer was San Francisco-based TPG Capital and New York-based Gramercy Property Trust, while the seller of the Class A asset was Founders Properties.
Built in 2007 as a build-to-suit for Wells Fargo, Northpointe is located at 1003 Brier Dr. and is situated on 14.5 acres in the exclusive Hospitality Lane area. It is 92% leased, with Wells Fargo occupying 88% of the building.
NKF’s Kevin Shannon, Ken White, Brunson Howard, Taylor Ing and Drew Sanden represented the seller. The buyer was self-represented. NKF’s David Milestone and Brett Green arranged buyer financing.
Shannon says, “Northpointe is one of the highest quality Class A office buildings in the entire Inland Empire office market. Wells Fargo is the anchor tenant that provides a stable credit cash flow stream which will be enhanced by additional leasing.”
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