NOVAtime Building 9680 Haven Ave

ATTRACTIVE OWNER/USER OPPORTUNITY
* With limited user offerings throughout the market, the offering presents an owner/user the unique opportunity to pursue a buyout of the tenant currently subleasing 51,305 sq. ft. of the building. Additionally, with existing leases expiring over the next few years, an owner/user could further expand into the building’s remaining 24,044 sq. ft. or push rents further as rates in the Inland Empire continue to rise.

* Rare opportunity to acquire a high-image office building in one of the best investment markets in the United States. With limited inventory trading in Ontario/Rancho Cucamonga in recent years (only 6 office sales over $10-million in the last 3 years), this is a great opportunity for a user to buy a building in the IE’s flagship office submarket.

* The 3-story office building is truly among the best of the best in the market. The property will generate the highest rental rates while still being in continuous demand due to the image, location, identification, and quality.
EXCEPTIONAL PROFESSIONAL OFFICE LOCATION AND AMENITIES
* Ontario/Rancho Cucamonga represents the Gateway to the Inland Empire (east) and Los Angeles (west). This proximity has been one of the drivers of Ontario/Rancho Cucamonga’s recent office demand, which has in turn allowed for steady rent growth, and future rate appreciation expected as illustrated by the recent CBRE Econometric report.

* Ontario/Rancho Cucamonga has established itself as the premier hub for the world’s transit needs. The growth of the Ontario International Airport (“ONT”) is one of the main contributors. The property is ideally located just minutes away from the 225,000 sq. ft. Ontario Convention Center, which along with the ONT, has boosted an awakening for a new and improved amenity base.
STRONG OFFICE MARKET FUNDAMENTALS
* The Inland Empire, a region whose $200-billion economy is equal to that of the state of Utah, has been Southern California’s best-growth market for several straight years, averaging 5.2% each year, per the Federal Reserve. The Inland Empire’s population is Southern California’s second largest, fueled by a growth rate that is almost 4 times more than the rest of the region since 1990.

* The Inland Empire boasts a vacancy rate of 9.58% (Q2 2023), the third lowest of any major metro office market in the U.S.
* Rancho Cucamonga has a vacancy rate of 6.64%, lowest in the Inland Empire West submarket of cities with more than 250,000 SF of inventory.
* Inland Empire West has a direct vacancy rate of 8.35%.