NAI Capital Completes Sale of 5.47-Acre Industrial Land Development Site in Fontana, CA
Ontario, CA, June 14, 2018–Senior Vice Presidents Richard Lee and Nicholas Chang along with Senior Associates Justin Kuehn and Sione Fua with NAI Capital’s Ontario office completed the sale of a 5.47-acre industrial development land site in Fontana, Calif. Lee, Chang, Kuehn and Fua represented the seller, a private trust. The buyer was Penske Truck Leasing Co, LP. The total sale price was $5,200,000 or approximately $925,267 per acre.
The land parcel sits on the northwest corner of Valley Blvd and Elm Avenue, minutes from the I-10 Freeway. It has excellent visibility with 290 linear feet of frontage along Valley Blvd. The site is zoned M1, making it prime development land for transportation related uses. The property was 100% vacant at the time of the sale. The new owner plans to improve the site and unitize it for its truck sales business.
Chang said, “Demand for in-fill land in the Inland Empire remains strong and in extremely short supply. This was a great opportunity for Penske Truck Leasing Co to acquire a property in a central location.”
“The property received tremendous interest when it came to market, generating multiple offers. Our client is extremely pleased with the sale price,” said Fua.
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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