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6/22/22
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A joint venture between Newport Beach-based Real Estate Development Associates LLC and an industrial fund managed by Clarion Partners LLC has obtained $210 mil in construction financing for the development of the first phase of Ontario Ranch Business Park, a Class A, seven-building, 1.68 msf industrial project currently under construction in Ontario. The financing was arranged by JLL Capital Markets.
The JV acquired the 84-acre site in December 2020. Once completed, Ontario Ranch Business Park will be a state-of-the-art project with clear heights ranging from 30 to 40 feet, 287 loading positions and 775 parking stalls. The largest building, totaling 1.1 msf in size, is preleased to Fortune 100 company The Home Depot.
Positioned at the intersection of Euclid Ave and Eucalyptus Ave, the project provides direct access to Interstate 15, SR-71 and CA-60, providing easy connectivity to the Ports of Long Beach and Los Angeles as well as Southern California’s dense residential base. Additionally, Ontario Ranch Business Park is across the street from Chino Airport and convenient to both Ontario International Airport and Los Angeles International Airport.
JLL’s Brian Torp, Peter Thompson, Samuel Godfrey and Jordan Leake worked exclusively on behalf of the borrower to place the three-year, floating-rate, interest-only, non-recourse loan with a national bank.
The Inland Empire industrial market has seen overwhelming tenant demand that has continued to push vacancy downward, which now sits at a remarkable 0.4% at the end of the first quarter of 2022. JLL Research has found that the Inland Empire West Industrial submarket, where this project is located, has the lowest vacancy – 0.2% – making the submarket even tighter, and JLL anticipates availability to remain extremely limited over the near-term to mid-term.
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