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6/15/18
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A 5.47-acre industrial development land site in Fontana sold for $5.2 mil, or $925.3k per acre. The buyer was Penske Truck Leasing Co, LP.
The land parcel sits on the northwest corner of Valley Blvd and Elm Ave, minutes from the I-10 Fwy. It has excellent visibility with 290 linear feet of frontage along Valley Blvd. The site is zoned M1, making it prime development land for transportation related uses. The property was 100% vacant at the time of the sale. The new owner plans to improve the site and unitize it for its truck sales business.
Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua with NAI Capital represented the seller, a private trust.
Chang said, “Demand for in-fill land in the Inland Empire remains strong and in extremely short supply. This was a great opportunity for Penske Truck Leasing Co to acquire a property in a central location.”
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