IE Business Daily Business news for the Inland Empire.
Sares-Regis Group, a major real estate and property manager throughout the western United States, has purchased 150 acres in Ontario where it will build three million square feet of industrial space.
The land, next to Interstate 10 at Vineyard Avenue, is part of the 243-acre parcel owned by the Meredith Family Trust in Orange County, according to a statement released today by Sares-Regis.
It has sat vacant for years despite being one of the prime pieces of commercial real estate in Southern California.
Ontario officials long maintained that they wanted the property used for commercial and possibly some residential development – no industrial – but earlier this year backed away from that stance.
Along with the land purchase, Sares-Regis announced that it has pre-leased the largest of the seven buildings planned for the site to QVC, the video and e-commerce retailer. QVC will use that facility for its first West Coast distribution hub.
That building, which will cover a little more than one million square feet, is scheduled to be completed one year from now. About 1,000 people are expected to be employed there by 2020, according to the statement.
The transaction was completed on July 1. Financial terms were not disclosed.
This is the largest and last tract of developable land in the western end of the Inland Empire and [its] located on the Interstate 10 Freeway, said Larry Lukanish, senior vice president with Sares-Regis Commercial
Development, in a statement. QVC looked at several properties on the market, and were pleased that our location was able to satisfy their logistic requirements.
Another five acres of the Meredith Property have been sold and will be used for an Audi dealership, according to the report.
