FONTANA, CA-GlobeSt.com has exclusively learned that the Department of Motor Vehicles has signed a 20-year, $22.2 million build-to-suit and office lease at 8026 Hemlock Ave. here. The site is just north of Foothill Blvd, east of Cherry Avenue and west of Sultana Ave with nearby tenants including New Classic Home Furnishings, Target Distribution, Crown Mark, and Recall.
Ed Smith of Lee & Associates‘ Ontario office represented both the buyer and seller of the 4.54-acre development site. ICO Development, the winning bidder, will construct a 20,654-square-foot regional office for the DMV. The DMV was represented in the lease by CB Richard Ellis.
“This site provided the perfect size, image and accessibility that the DMV wanted,” explains Smith. “This resulted in a fiercely competitive bidding process between multiple highly qualified developers.”
According to Smith, ICO Development seems like the most qualified for the project and “had the highest probability of closing the sale with our client.”
Ultimately, he says, the site achieved a higher than asking price for the seller.