IE Business Daily Business news for the Inland Empire.
A three-building industrial park in Ontario has been sold.
Airport Distribution Center was purchased by Guthrie Development Co. and an unnamed investment partner for $20.25 million, said Rob Guthrie, president of the Newport Beach-based company.
Panattoni Development in Newport Beach was the seller. CBRE Group Inc. Ontario represented Panattoni Development during the negotiations, which took several months to complete.
The project, located between 1500 and 1590 Milliken Avenue near Ontario International Airport, has 30 units that range from 6,256 to 8,962 square feet. Combined, the buildings have 28 tenants and are about 93 percent occupied.
Most of the occupants are Asian companies not familiar to local residents that do a lot of import and export business, Guthrie said.
Guthrie Development plans to spend about $500,000 on improvements to all three building, mostly exterior changes, then sell the units for about $135 a square foot. The units are expected to be ready for sale in six months.
Any company leasing space at Airport Distribution Center will be allowed to finish their lease, but once those agreements expire the units are likely to be put up for sale, Guthrie said.
“This is a pretty unique property,” Guthrie said. “Smaller units like these are the latest trend in industrial real estate, but it’s still a hard niche to find.”
