The seller was represented by Fouy Ly and John Read of the Irvine office of Sperry Van Ness, with the buyer represented by Chris Jaramillo of Collins Commercial Corp. The deal closed at a cap rate of 6.39% and was an all-cash transaction, Ly and Read report. Built in 1993 and 1999 and situated on 6.43 acres, the property is adjacent to the Ontario International Airport.
The transaction was one of a number of commercial property deals to close in the Inland Empire recently, including one in which bkm Development Co. paid $7.8 million for a 38.14-acre land parcel at the southwest corner of Serfas Club Drive and Palisades Drive in Corona where it plans to develop a mixed-use business park consisting of office, industrial and additional uses. BKM was represented by Rob Socci and Jack Faris of the Anaheim office of Voit Commercial Brokerage, who also represented seller Western Property Service.
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