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10/06/21
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Ontario Gateway, a 225.7k sf, fully-occupied, grocery-anchored shopping center in Ontario, sold for $40.5 mil ($179/sf). The property was purchased by JH Real Estate Partners.
Ontario Gateway is a 100%-occupied, multi-tenant retail center located at 4400-4510 Ontario Mills Pkwy. The property has over 1,300 feet of frontage on the I-10 Fwy and sits adjacent to Ontario Mills Mall, a 1.5 msf mall that attracts over 28 million visitors per year. Ontario Gateway is readily accessed via the Millikan Ave on and off ramps from the San Bernardino Fwy (I-10).
The center is occupied by a diverse mix of national credit tenants in a wide array of categories. Anchor tenants include Ross, Big Lots, Jo-Ann, Dollar Tree, David’s Bridal, Turner Outdoorsman and Grocery Outlet. The property also benefits from four outparcels leased to IHOP, Outback Steakhouse, Tokyo Wako and an undeveloped pad. The undeveloped pad offers the new owner considerable upside potential in leasing it for development.
Bill Bauman and Kyle Miller with Newmark represented the seller, Zelman Development Company.
The Inland Empire is considered one of the strongest markets in the United States in terms of population growth, job creation, construction and industrial space absorption. Because the Inland Empire provides the benefits of real estate affordability and direct access to the Los Angeles Basin’s workforce and amenities, the region continues to grow at a more rapid rate than any of its neighboring Southern California markets, according to Newmark Research.
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