CITY NEWS AND NOTES
CIP Real Estate Secures More Than $18.6 Million in Leasing at
Empire Towers in Ontario, CA:
CIP Real Estate, announced the
completion of 18 new lease and renewal transactions at Empire
Towers, the premier office park located on Inland Empire Boulevard
in Ontario, Calif. The total value of the transactions exceeds $18.6
million and encompasses approximately 160,000 square feet. The
transactions include CBRE, Wells Fargo Bank, Independent Capital
Management, National General Insurance Corporation, Edgewood
Partners Insurance Center, Sedgwick Claims Management, Liberty
Mutual Insurance, David Evans & Associates and Windsor Quality
Foods Company. CIP Real Estate owns Empire Towers in
partnership with a fund sponsored by Guggenheim Real Estate, a
Boston-based national real estate investor.
Net Leased Bank Branch Sells for $2.9M:
Private investors have
acquired the retail building at 2401 S. Grove Ave. in Ontario, CA
from Fishman Investments for $2.88 million, or about $580 per
square foot. The 4,955-square-foot bank branch was constructed
in 1982 and sits on 1.4 acres in San Bernardino County. Pacific
Western Bank has been a long-term tenant in the building and will
continue to occupy under an existing triple-net lease. Bob Hoyt of
Colliers International represented the seller. Han Widjaja-Chen of
Lee & Associates - ISG represented the buyer.
Ontario MF Sells in Custom Auction:
Estancia Apartment Homes,
a 152-unit multifamily property in Ontario, CA, was sold in a
custom auction. The property had been listed by Rockwood Real
Estate Advisors was eventually sold at auction.
Estancia was auctioned to a select group of bidders via a process
specifically designed to bring clarity to the sale of single assets and
commercial portfolios, according to Auction.com.
Estancia, which is 93% occupied, is located immediately off I-10,
allowing for a quick and easy ingress to neighboring Southern
California counties and Downtown Los Angeles. Composed of 20
buildings situated on approximately 10 acres in San Bernardino
County, the garden-style complex offers one- and two-bedroom
units with attractive amenities.
The Mayor and City Council are committed to the growth and evolution of Ontario’s economy.
RECENT CITY OF ONTARIO ECONOMIC DEVELOPMENT NEWS:
The City of Ontario will only be
allowing yard sales to occur on 4
weekends throughout the year.
The upcoming Yard Sale Weekend
is: May 2, 3 and 4.
Dates will be posted on the City’s website.
Residents will no longer need to go to City Hall to get a garage
Items for sale must be used merchandise that was
owned by the household. One 6 square foot sign can be placed in the
front yard to advertise the sale. After August 6, 2010, holding a garage
sale on any other days, besides the weekends designated by the City,
will result in a possible citation or fine.
The City is limiting the dates for yard sales to help prevent
traffic and parking problems in our neighborhoods, and to keep the
The City of Ontario has unveiled the
“myOntario” Smart Phone application
that allows residents with iPhones and
Android phones to point, click and send
photos of maintenance issues such as
graffiti, potholes, roadside debris,
shopping carts, storm drains, street
sweeping, lane striping, traffic signs,
sidewalk, curb, and gutter maintenance, tree trimming, park
maintenance, weed abatement, and sprinkler problems.
iPhone and Android users may download the “myOntario
application for free from the iPhone App Store and Android Market by
searching for the keyword “myOntario. Once installed, users will simply
open the application and follow the prompts to take a picture of the issue
and then tap “submit”. Using built-in global positioning system
technology, “myOntario” will attach a location to the picture and route the
information about the problem to the appropriate
City department for resolution.
City staff and Vendors will now be able to
respond like a business, using better
technology, encouraging efficiency and faster
myOntario Smart Phone
Sales and Leasing Activity