Private investment group, 715 California LLC, purchased 123,672-square-foot state-of-the-art building
LOS ANGELES, CA – October 4, 2017 – Colliers International has negotiated the purchase of a newly constructed 123,672-square-foot warehouse and distribution building in Ontario, Calif. to a private investment group in a transaction valued at $15,830,016.
A team comprised of Senior Vice Presidents Brad Yates and Josh Hayes, along with Senior Associate Stefan Pastor, all of whom are based in the brokerage firm’s Inland Empire office in Ontario, Calif. represented 715 California LLC, the private investment group that purchased the state-of-the-art building. The seller was CP Logistics California.
“Ontario continues to be a prime location for investors seeking to own property in what is arguably the most competitive industrial market in the nation,” said Yates. “We are seeing more clients than ever before who want to purchase and lease space in the Inland Empire and developers are having a difficult time keeping pace with demand. The fact that a logistics firm was the seller and that the building it commissioned as a build-to-suit was too small upon completion, tells you all you need to know about the demand for space fueled by Internet purchasing.”
Located at 715 E. California Street, construction on the free-standing building was completed in September. It features state-of-the-art building features a central location that will allow prospective tenants to have immediate access to surface, air and rail transport hubs, as well as direct access to the twin ports of Los Angeles and Long Beach. It is adjacent to Ontario International Airport and has immediate access to the San Bernardino (I-10), Pomona (SR 60), and the Moreno Valley (I-15) freeways.
Featuring the latest techniques in concrete tilt-up construction, including an architectural design with generous allowances for natural light from numerous windows and skylights, the structure is being offered for lease by the same Colliers team. It is divisible to 1,000 square feet and would be ideal for a logistics, manufacturing or warehousing firm, according to Hayes.
In addition to its centralized location, the structure features an office space component totaling XXX square feet, painted interior walls, a secured truck court, flexible three-way power supply up to 2,000 amps, scrim foil, and parking for 154 automobiles.
“With vacancy rates hovering around 2% in Ontario, we fully expect this building to be leased up within a matter of a few months,” said Hayes. “No where else in the country will you find the amount of occupied industrial space as you will in the Inland Empire. It’s a testament to the unyielding demand among logistics companies for state-of-the-art space, the growing dominance of web-based consumer purchasing, and the need to be close to what is the largest population center in the U.S.”
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