IE Business Daily Business news for the Inland Empire.
A new industrial building in Fontana has been sold.
The Fontana Santa Ana Industrial Center, a speculative project which covers nearly 300,000 square feet, sold for $54 million, according to a statement released earlier this week.
The speculative project, one of the largest industrial developments undertaken on the Inland Empire’s west end last year, was developed by MBK Real Estate in Irvine and the Rockefeller Group.
Haralambos Leasing Co. in Corona, which invests in industrial properties in Southern California, was the buyer.
“There was tremendous interest in the property right from the beginning, and the pandemic related surge in industrial real estate demand only made the interest stronger, leading to a very successful outcome,” said Vijay Pandurangadu, vice president of industrial properties for MBK Industrial Properties, in the statement.
The building sits on 13.7 acres at 10965 Banana Ave. City National Bank provided construction financing.
