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3/26/21
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In an Ontario land buy, NFI Industries bought 3.87 acres of industrial zoned land located at 2009-2011 South Cucamonga Ave for $6.73 mil, or $1.83 mil per acre.
The 3.87 acres sit directly adjacent to NFI Industries’ existing 180k sf bulk distribution facility. NFI, a leading international third-party logistics provider, acquired the subject land with the expressed intent to redevelop the property into an ancillary maintenance facility and storage lot to house their fleet of vehicles.
NFI Industries was represented by Richard Lee, SIOR, Nicholas Chang, CCIM, SIOR, Justin Kuehn, and Sione Fua of the Lee Chang Kuehn Fua Group with NAI Capital Commercial’s Ontario office. The seller, a family trust, was repped by Hamid Pezeshkian, also with NAI Capital Commercial.
“As we enter a post-pandemic economy, e-commerce demand for quality industrial distribution facilities and industrial land has exponentially increased, which in turn is pushing values for both Class-A bulk distribution facilities and land. Rental rates, sales prices, and land values are now surging, setting quarter over quarter record gains,” added Chang.
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