Knight, who with partner Greg Myers represented the seller, says the land is at 9074 Hermosa Ave., close to the I-10 and I-15 freeways and near a 400,000-sf build-to-suit facility recently occupied by General Motors, and is rail-served.

Panattoni, which is based in Sacramento with offices in Irvine, Calif., develops, owns and manages industrial properties nationwide. Among its other Southern California projects under development that were recently reported in GlobeSt.com are a 78,000-sf build-to-suit industrial building and a 36,300-sf speculative project in the Conejo Spectrum business campus in Thousand Oaks. The company was represented by Marc Burns of Insignia/ESG in the Hermosa Avenue land purchase.

The new project will continue the development of big box industrial buildings concentrated in the Ontario and Rancho Cucamonga area, which has evolved into one of the largest concentrations of modern industrial space in the country. The huge distribution and warehouse buildings there represent close to 30% of the industrial space in the Inland Empire, which comprises Riverside and San Bernardino counties.