IE Business Daily Business news for the Inland Empire.
Northern California developer has completed two transactions in Ontario.
San Francisco-based Newcastle Partners Inc., a real estate investment and development firm, has sold the Ontario Distribution Center for $8.3 million, according to a company statement.
That facility, at 2080 S. Cucamonga Ave., covers 90,250 square feet and sits on 4.7 acres. An Ontario company that imports and sells flags from all over the world and is looking to expand bought the building.
The transaction was completed in June but wasn’t announced until last week, according to the statement.
In a separate deal, Newcastle Partners bought 5.1 acres of land at the southeast corner of Mission Boulevard and Hellman Avenue, where it plans to develop 102.440-square-foot warehouse-distribution facility that will include 5,000 square feet of office space.
Construction is expected to start next March and be finished during the third quarter of next year, according to the statement.
Both the Ontario Distribution Center and the land parcel have access to multiple freeways and are close to the FedEx and UPS distribution centers and Ontario International Airport.
