Investment firm picks up Rancho Cucamonga office building

Newport Beach real estate investment management firm Buchanan Street Partners bought a Rancho Cucamonga office building for $10.6 million.

Buchanan bought a 75,000-square-foot building in HavenPark, a master-planned office campus, from Dallas-based Thackeray Partners. The three-story building at 9680 Haven Ave. was completed in 2007 during the last real estate boom and is 89% leased.

“We are pleased to acquire this building at a significant discount to replacement costs,” said Kimberly Stevenson, a Buchanan vice president.

The Inland Empire office market saw substantial construction during the mid 2000s but fell hard during the economic downturn. Average vacancy in Rancho Cucamonga was 24.6% in the second quarter, unchanged from the year before, according to real estate brokerage Cushman & Wakefield.

“The market is still a bit distressed so not as much capital is chasing product in the Inland Empire compared to the coastal markets,” said Tim Ballard, president of Buchanan. “We thought we got a good value due to the lack of competition from institutional investors.”

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