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August 17, 2019
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INLAND EMPIRE NEWS
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Inland Empire Warehouse Goes for $219/sf

3/08/19

A 37.4k sf warehouse property in Fontana traded hands between investors in a deal worth $8.2 mil, or $219/sf. Built in 1989, the facility is located at 7627 Cherry Ave.

The building is a concrete tilt-up with 24’ minimum clear height and includes 5.3k sf of office space. The entire building has undergone renovations to include new flooring, plumbing, paint, electrical, HVAC, LED warehouse lighting, integrated data and alarm systems, attractive landscaping, irrigation and electric vehicle charging stations. It is fully ADA compliant. At the time of sale, the building was leased to The State of California extending thorough 2028.

The property sits on 1.9 acres in a central location with excellent access to I-15, SR-210 and Historic Route 66. Ontario International Airport is just 11 miles away. The property is surrounded by other corporate facilities including Mercedes-Benz, Target, Medline, Waitex, and New Classic Furniture.

Nicholas Chang CCIM, SIOR, Richard Lee, SIOR, Justin Kuehn and Andy Batcheller with NAI Capitalvrepresented both the buyer, Boyd State Fontana LLC, and the seller, Pony Up Fontana LLC. The building sold at a cap rate of 7.72%.

According to Nicholas, the building was an excellent investment opportunity as it is backed by a government lease in one of the Inland Empire’s most in-demand submarkets.





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