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8/27/21
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Newport Beach-based Nuveen Real Estate purchased a 236.7k sf, freestanding industrial building in Ontario. The property, located at 2950 E. Philadelphia St, was sold by the occupant, Myers Power Products Inc in a sale-leaseback transaction. Myers is an industry leader in the design and manufacture of engineered-to-order power distribution equipment.
The property is situated on 12 acres of land adjacent to the Ontario International Airport and bounded by Interstate 10, Interstate 15, State Route 60, and State Route 83, allowing for ease-of-access throughout the region. The building features two oversized grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4000 amps, a fenced yard, and is naturally divisible.
Myers invested significant capital in the property over the last 12 years of ownership and occupancy, so it is ideally suited to facilitate the company’s full in-house manufacturing capabilities including metal fabrication, state-of-the-art paint systems, assembly, integration, and testing. The company, which serves a range of customers including utilities, commercial and industrial firms, local government and national government agencies, is now under a new, five-year triple net lease agreement with Nuveen.
Chris Migliori with DAUM Commercial represented the seller in the transaction. The price was not disclosed.
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