Upland investor buys two Inland Empire office properties
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In one of the largest office building sales of the year in the Inland Empire, investor Michael G. Rademaker has acquired buildings in Ontario and Rancho Cucamonga in a $26.6-million transaction.
Rademaker, founder and chief executive of Upland property brokerage MGR Real Estate, bought Centerlake Plaza. The six-story building at 3401 Centerlake Drive sits on more than 3.5 acres near the intersection of Haven Avenue and the San Bernardino Freeway in Ontario.
As part of the deal, he and his partners also bought the two-story Havengate Center at 10350-10390 Commerce Center Drive in Rancho Cucamonga. The seller was an institutional real estate fund managed by Prudential Real Estate Investors in partnership with principals of Unire Real Estate Group.
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The buildings house a combined total of 193,400 square feet and are about 80% leased, Rademaker said. He now owns nearly 690,000 square feet of Inland Empire office space.
Average office vacancy in the Inland Empire was 20% at the end of the second quarter, down from 23.3% at the same time a year earlier, according to Cushman & Wakefield.
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