Ontario deal.

While Santa Monica and West Los Angeles office markets get all the ink these days with their low vacancy rates and $5 per foot rents, other areas have even tighter markets.

Take parts of the Inland Empire, for example. The Ontario International Airport market had a 5.1 percent vacancy rate for the first quarter--lower than Santa Monica (5.6 percent) and West L.A. (8.6 percent), according to Grubb & Ellis.

The Hileman Co. LLC, a Beverly Hills-based real estate developer, is taking advantage of that strong office market in the Inland Empire with a new project.

The firm purchased a 16-acre, Class A office campus in Ontario from Trenton Group for $52 million in a deal that closed in mid-April.

The property includes two mid-rise office buildings for a total of 175,000 square feet of space. The buildings are fully leased. The project is also entitled for more development and Hileman Co. has taken over Trenton Group's construction of a 150,000-square-foot building that is set to be completed in June 2008. The property is located within the 69-acre Centrelake office development at Haven Avenue and Guasti Road.

Hileman Co. has more plans for the property--including another 100,000-square-foot office building and a six-story, 150-room hotel that would feed off the growing business community near the Ontario International Airport.

"It is a very high profile site, so a couple of hotel people are after us," said Jack Hileman, president of Hileman Co.

Hileman said he is interested in selling off a piece of the 16-acre site to a national hotel developer and hopes construction of that project would begin by the third quarter of this year.

Hileman Co. purchased the property with partner Pacific Coast Capital Partners LLC of San Francisco. Both sides of the deal were represented by the CB Richard Ellis Group Inc. team of Darla Longo, Taylor Ing, Barbara Emmons and Michael Day.