GH Palmer Purchases Ontario CA Land Parcel for $23.5 Million
The Beverly Hills residential developer plans to build 800 luxury apartment units.
ONTARIO, Calif. - GH Palmer Associates, a diversified real estate company which currently owns a portfolio of over 10,400 Southern-California apartment units, has purchased an approximately 21-acre land parcel located on Inland Empire Boulevard at the Meredith International Centre in Ontario, CA, for $23.5 million. The buyer plans to build 800 luxury apartment units on the property.
Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates Orange represented GH Palmer, as well as the seller Craig Development Corp., in the transaction.
“The buyer had been looking at developing a project in the Ontario area,” said Noble, noting that land prices in this area are rapidly increasing. “Meredith International Center continues to attract large entities. QVC Shopping Network, Water’s Audi, and another soon to be announced automotive dealership are already part of the Center, in addition to G.H. Palmer.”
Besides the land’s prime freeway location, the property is adjacent to the Ontario International Airport, recently purchased by the City of Ontario, which intends to greatly expand passenger and cargo flights, both domestically and internationally.
Construction is expected to begin January of 2017, with units available for occupancy by the fourth quarter of 2017. Link to Original Blog Post
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Lee & Associates – Orange has a team of 50 agents and brokers that have provided expert commercial real estate services in and around Orange County, since 1983. Lee & Associates is the largest broker-owned firm in North America with 52 locations across the U.S. and more than 800 brokers nationwide, providing a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates Orange, visit Lee & Associates Orange or follow us on Facebook, LinkedIn, Google+ and Twitter.