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6/18/15
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Wohl Investment Company recently purchased Airport Wineville Business Park, a 53.9k sf business park in the Inland Empie city of Ontario, for $4.5 mil ($83/sf). The park, situated on 3.6 acres at 5140 Airport Dr and 151-181-201 S. Wineville Ave, just south of I-10 and east of I-215, was sold by McLellan Estate Company.
Built in phases between 1988 and 1990, the concrete tilt-up, four-building multi-tenant “incubator” park had an occupancy level of 95 percent at closing. Designed for up to 43 individual tenants, each unit features glass-front entrances with restrooms, separate electric meters, ground-level roll-up loading doors, skylights and a calculated fire protection sprinkler system. Although designated as flex/light manufacturing space, the type and size of tenants varies.
Colliers Vice President Patrick Barnes, along with GM Properties’ Jason Jamison and Dustin Wheelan, represented the seller in the transaction. The listing generated over 10 qualified offers from local and regional buyers.
According to Barnes, who is based in Colliers’s downtown Los Angeles office, it was Orange County-based Wohl’s record with similar business parks in the past, strong financials and attractive terms of the sale that moved it into the leading position when the seller was reviewing offers.
“This incubator industrial investment was well designed and maintained by the seller over its 20-plus years of ownership,” said Barnes. “The limited supply of available quality investments like Airport Wineville Business park here in Southern California, coupled with the high cost of construction to replace well-constructed incubator industrial business parks like this one, will lead to significant rent growth and appreciation in value for the foreseeable future.”
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