NORTH FONTANA, CA—GlobeSt.com has exclusively learned that American Bolt and Screw has finalized a $21-million sale exchange of a 106,394-square-foot industrial complex, located at 601 Kettering Dr. in Ontario, CA, and they located to a 72,650-square-foot facility at 14650 Miller Ave. in North Fontana, CA. The new facility will provide the company with “a more efficient operation,” says Lee & Associates’ SVP Michael Giuliano.
Giuliano, along with Keith Anderson of Lee & Associates-Ontario, represented the firm in the purchase and the sale. Giuliano tells GlobeSt.com that the buyer of the company’s previous facility is CB Bio LLC.
“The move and building proceeds were utilized to provide for greater long term cash flows which included a 1031 tax deferred exchange into an $11.9 million investment property in Arkansas,” adds Giuliano. The purchase was also facilitated by Giuliano and Anderson.
Giuliano tells GlobeSt.com that CB Bio LLC, a biotechnology company rooted in the agricultural and horticultural industries is moving to the facility at 601 Kettering Dr. from 4802 Murrieta St. in Chino.
He explains that both North Fontana and Ontario are “relatively the same in way of activity and statistics.” As of January, 2014, he says Fontana’s availability is 6.87% with a vacancy rate of 2.66% and Ontario’s is 8.11% with a vacancy rate of 3.64%.