IE Business Daily Business news for the Inland Empire.
The Safari Business Center in Ontario, one of the largest industrial projects of its kind in the Inland Empire, has been sold.
The development, in the center of the city at 1910 S. Carlos Ave., sold for $141.2 million, the largest industrial transaction in the Inland Empire so far this year, according to CBRE Group Inc.
Rexford Industrial Realty Inc. in Los Angeles was the buyer. The seller was American Realty Advisors, an investment management firm, also based in Los Angeles.
The sale was announced Friday.
Safari Business Center is made up of 16 Class-A multi-tenant industrial buildings that combined cover approximately 1.1 million square feet. Building sizes range from 7,000 to 36,000 square feet.
The project, which sits on 52 acres, is approximately 97 percent leased, according to a statement.
CBRE represented American Realty Advisors in the sale negotiations. Jones Lang LaSalle, the park’s leasing brokers, assisted in those talks, according to the statement.
