Tall Tales

Irvine-based CIP Real Estate purchased the 9-story, class-A building located at 3633 Inland Empire Blvd., Ontario, CA. Known as Empire Towers I, the 178,021-square-foot office building sold for $25.285 million more than $142 per square foot. Located on 8.2-acres in Ontario Center, and recognized as the tallest building in the area, this investment property was 94% occupied at closing. Phil Woodford of CB Richard Ellis stated, "this transaction is significant in that it represents the largest office sale transaction in Inland Empire history, which includes Riverside and San Bernardino counties." Woodford of CB Richard Ellis represented the buyer, CIP Real Estate, as well as the seller, Lord Baltimore Properties of Baltimore, MD.