IE Business Daily Business news for the Inland Empire.
Ontario Gateway, a 225,749-square-foot grocery-anchored shopping center next to Ontario Mills, has been sold.
The fully-leased property sold for $40.5 million, Newmark Group Inc. announced today.
Newmark represented the seller, Zelman Development Co. in Los Angeles. The buyer was JH Real Estate Partners in Newport Beach, which recently has been buying power centers and other retail properties in the western United States.
Ontario Gateway is at 4400-4510 Ontario Mills Parkway. About 1,300 feet of the property fronts Interstate 10
Tenants include Ross, Big Lots, Jo-Ann, Dollar Tree, David’s Bridal, Turner Outdoorsman, and Grocery Outlet. IHOP, Outback Steakhouse, Tokyo Wako are located on nearby parcels.
“Ontario Gateway’s location, visibility, accessibility, and tenant mix has made it the primary shopping destination in the Ontario submarket,” said Bill Bauman, vice chairman with Newmark and a member of the negotiating team, in the statement. “Its location directly across from Ontario Mills creates a significantly expanded trade area.”
Newmark is a commercial real estate brokerage with more than 160 offices worldwide, including one in Ontario, according to the company’s website.
