A 16-acre office campus in Ontario, Calif., has been sold to a joint venture for $52 million.
A partnership between The Hileman Co. LLC and Pacific Coast Capital Partners purchased the class A property from The Trenton Group, and the partners will rename the property Waterside Center.
The project, located within the Centrelake Development at Haven Avenue and Guasti Road, consists of two fully leased office buildings known as University Plaza & Sterling Center totaling 175,000 square feet, plus nearly 8 acres of entitled land.
Based on the growing demand in the Ontario Airport office market, Hileman and PCCP will begin construction immediately on Waterside Center II, a $40 million, 150,000-square-foot office building with an anticipated completion date of July 2008. The development team is exploring options for the third phase, which could include office space, a hotel or both, according to project developer Jack Hileman, founding partner and president of The Hileman Co.