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10/11/16
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Ontario Airport Distribution Center, a 102.4k sf, Class A industrial property in Ontario, was recently acquired for $12 mil ($117/sf) by a local owner/user. The asset was sold by San Francisco-based Newcastle Partners Inc.
The buyer, Parter Medical Products LLC, is a manufacturer of quality, single use, plastic, laboratory products for healthcare, medical and pharmaceutical research markets. With two locations in Carson, this new facility is Parter’s first in the Inland Empire.
The property is situated on 5.12 acres at 1521 South Hellman Ave. It features 5k sf of two-story executive office space, 30’ minimum clearance height, 18 dock doors, one ground-level loading door, an ESFR sprinkler system, and offers immediate access to the 10, 15 and 60 freeways.
Paul Earnhart of Lee & Associates represented the buyer. Jeff Bellitti and Mike McCrary of JLL represented Newcastle Partners. Over the past two years, Newcastle has acquired, developed or sold in excess of 2 msf of industrial property in the region, and the firm plans to be even more aggressive for the balance of 2016.
“The Inland Empire market continues to be driven by logistics access and state-of-the-art industrial development,” noted Smith. “Additionally, the region was the fastest-growing job market in Southern California last year with a rate nearly double that of the national average. Businesses are attracted to state-of-the art product affordability for both their workforce and real estate, and the obvious proximity to the ports of LA and Long Beach.”
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