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1/10/22
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We’ve learned of a big SoCal land sale that just closed, although we don’t have a lot of details.
The property is a 94.17-acre site located at 12343-12455 Arrow Route in Rancho Cucamonga. It is situated just south of Foothill Blvd and just east of I-15. The sale price was $313 mil, which divides out to around $76/sf.
According to public documents, the buyer was L.A.-based Ares Management Corporation. From what we hear, the buyer plans to use the land for a new, state-of-the-art industrial development.
The land was sold by Texas-based Commercial Metals Company, who had used the site for a now-closed scrap metal operation. The firm was repped in the deal by the JLL team of Peter McWilliams, Mike McCrary, Patrick Wood, Jeff Bellitti and Scott Coyle.
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