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1/14/21
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Rockefeller Group has collected $80.75 mil from the sale of two recently completed industrial properties in the Inland Empire. The two Class A, mid-size buildings, which total approximately 500k sf of space, were purchased by separate buyers.
Haralambos Leasing Company acquired the 297.2k sf Fontana Santa Ana Industrial Center for $54 mil ($182/sf). The property, located at 10965 Banana Ave in Fontana, was developed by Rockefeller Group as part of a joint venture with MBK Real Estate.
In the other sale, Lone Oak – Moreno Valley L.L.C. acquired the 203.9k sf Centerpointe Commerce Center for $26.75 mil ($131/sf). The property is located at 14180 Frederick St in Moreno Valley.
Construction of Fontana Santa Ana Industrial Center began in March 2020 on a 13.78-acre site Rockefeller Group acquired as an assemblage of eleven separate parcels. The company began construction of Centerpointe Commerce Center in October 2019. The 8.78-acre site was purchased from Newcastle Partners Inc, who procured all project entitlements through the City of Moreno Valley prior to sale.
“Interest in these buildings even prior to the walls being raised was high because of their proximity to major highways and the port and the rise of e-commerce in the region,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “We expect demand to continue to outpace supply in this market, and we have more than 4 msf of industrial currently under construction or planned in the Inland Empire and South San Diego.”
Paul Earnhart, Doug Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates – Ontario and Juan Gutierrez of Voit Real Estate Services represented Rockefeller Group on the sale of Fontana Santa Ana Industrial Center. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates repped Rockefeller Group on the sale of Centerpointe Commerce Center.
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