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11/03/14
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San Francisco-based Newcastle Partners Inc recently wrapped up two notable transactions in Ontario. In one of the deals, the firm collected $8.3 mil from the sale of West Ontario Distribution Center, a 90.3k sf industrial warehouse property. In the other transaction, Newcastle acquired 5.12 acres of land for development of a 102.4k sf state-of-the-art industrial facility.
In the sale, Peter Lin, an owner/user importing flags from all over the world, acquired West Ontario Distribution Center from Newcastle. The building, situated on 4.77 acres at 2080 S. Cucamonga Ave, was completed in June of this year. Peter Lin’s company expanded from a smaller building elsewhere in Ontario.
The building features 30' minimum clear height, 19 dock-high truck doors, two ground-level doors, 120' truck court, 71 car parking stalls, and skylights. It offers the new owner an excellent south Ontario location with easy access to the 10, 15, 60, 210 and 91 freeways and is just minutes from Ontario International Airport, and UPS and FedEx distribution centers. Other nearby corporate neighbors include: Distribution Alternatives, Charlotte Russe, Phillips Lighting, & Activity Brands Lighting.
Mark Zorn and Tal Siglar of Colliers International represented Newcastle Partners in the transaction. Richard Schwartz of Colliers International repped the buyer.
In the land buy, Newcastle Partners plans to use the site for development of a speculative, free-standing industrial building that features 5k sf of two-story executive office space, 18 dock-high loading positions, one ground-level loading door, ESFR fire sprinkler system and power to suit. Construction is beginning in March 2015 with anticipated completion in the third quarter of 2015.
The location of the parcel offers immediate access to the I-10, I-15 and 60 freeways and is close to the UPS and FedEx hubs and the Ontario International Airport. Corporate neighbors include: Nike, Samsung, Fender, Mag Instrument, and Sylvania Lighting.
Mike McCrary and Jeff Bellitti of Jones Lang LaSalle represented Newcastle in the transaction.
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