NAI Capital Facilitates State of California Leased Investment Sale
Ontario, CA – March 7, 2019 – NAI Capital is pleased to announce that senior vice presidents Nicholas Chang CCIM, SIOR, and Richard Lee, SIOR, with the Investment Services Group along with vice president Justin Kuehn and senior vice president Andy Batcheller completed the investment sale of a 37,360 square foot warehouse in Fontana, California. Nicholas, Richard, Justin and Andy represented both the buyer, Boyd State Fontana LLC, and the seller, Pony Up Fontana LLC. The building sold for $8,200,000, or $219 per square foot. The cap rate was 7.72%.
The warehouse is located at 7627 Cherry Avenue. Built 1989, the building is a concrete tilt-up with 24’ minimum clear height and includes 5,322 square feet of office space. The entire building has undergone renovations to include new flooring, plumbing, paint, electrical, HVAC, LED warehouse lighting, integrated data and alarm systems, attractive landscaping, irrigation and electric vehicle charging stations. It is fully ADA compliant. At the time of sale, the building was leased to The State of California extending thorough 2028.
The property sits on 1.9 acres in a central location with excellent access to I-15, SR-210 and Historic Route 66. Ontario International Airport is just 11 miles away. The property is surrounded by other corporate facilities including Mercedes-Benz, Target, Medline, Waitex, and New Classic Furniture.
Nicholas said, “This was an excellent investment opportunity backed by a government lease in one of the Inland Empire’s most in-demand Airport submarket.”
“The building is in excellent condition. The new owner will not have any do anything to the property for a long time,” added Richard.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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