SOURCE: The Cushman & Wakefield Capital Markets Group

The Cushman & Wakefield Capital Markets Group

September 13, 2010 14:51 ET

Athalon Centre in Rancho Cucamonga Sells in REO Transaction for $5.75 Million

Cushman & Wakefield Capital Markets Group Represents Seller

RANCHO CUCAMONGA, CA--(Marketwire - September 13, 2010) -  The Cushman & Wakefield Capital Markets Group announces that Athalon Centre, a lender-owned, 78,303-square-foot office project located in Rancho Cucamonga with close proximity to Ontario International Airport, has been sold for $5,750,000 in an REO transaction to DLR Holdings 1, LLC a California corporation c/o Michael Rademaker.

"This project represents a tremendous value-add opportunity, with a highly visible location and quality construction that has strong curb appeal," said Michael Roberts, associate director with the Cushman & Wakefield Capital Markets Group. "This sale is part of the new wave of financially distressed properties and shows the strong investor demand for quality assets that are priced for future upside potential.

"Adding to this particular project's appeal is the fact that the buildings are separately parceled, allowing for the sale of the individual buildings as part of the investor exit strategy," he said.

Athalon Centre, originally developed in 1989, consists of two steel and masonry Class B buildings located at 9227 and 9267 Haven Avenue. The prime 4.24-acre corner lot offers outstanding proximity to the airport as well as the I-15 and I-10 interchange and Ontario Mills -- one of the largest regional malls in the country. Numerous dining, shopping and entertainment venues are within minutes of the project. 

Currently 29 percent leased to 10 office tenants, Athalon Centre can accommodate users with requirements up to 50,000 square feet. Tenants enjoy the convenience of walk-up access and generous surface parking of 4 spaces per every 1,000 square feet.

The seller in the transaction, Haven Avenue Holdings, LLC, was represented by a six-person team with Cushman & Wakefield: Michael Roberts of the San Diego office; Jeffrey Cole and Ed Hernandez of the Irvine office; and Ron Heim, Sean Kern and Ryan Russell of the Ontario office.

The buyer represented himself in this transaction.

About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 230 offices in 60 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory Services, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

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