Three Buyers Pay $28M at Newcastle Fontana Business Center

FONTANA, CA-Three separate buyers have paid a total of $28 million to acquire three buildings totaling 412,660 sf of industrial space that make up the Newcastle Fontana Business Center, according to Lee & Associates. Developed by San Francisco-based Newcastle Partners Inc., the Newcastle Fontana Business Center comprises buildings at 13500, 13508 and 13512 Marlay Ave.Don Kazanjian and Jeff Smith of the Ontario office of Lee & Associates represented Newcastle Partners in all three sales. The 100,480-sf 13500 Marlay Ave. building was purchased by Glover Family LLC as an investment and is being marketed for lease. The buyer represented by Kazanjian.The buyer of the 111,180-sf building at 13508 Marlay Ave. was Organize-It-All Inc., which was represented by Mike Long of the Newport Beach office of Lee & Associates. The buyer of the 201,000-sf building at 13512 Marlay Ave., Office Star, was represented by Mike Giuliano of Lee & Associates' Ontario office.The Newcastle Fontana Business Center is situated on 20 acres and features 30-foot-high ceilings, ESFR sprinkler systems, 60-foot concrete loading areas and mezzanine office space as well as dock-high and grade-level loading capabilities. Kazanjian says that the sales of the three buildings underscore the "great demand for industrial buildings of this size in the Inland Empire."While a number of projects offer small industrial buildings, Kazanjian points out, owners-users seeking distribution spaces totaling 100,000 sf to 200,000 sf had few choices before the development of the Newcastle project.Dennis Higgs, president and CEO of Newcastle Partners, notes that the company has been a prominent player in the Inland Empire's industrial market for years. Newcastle's development pipeline includes more than two million sf of industrial space at a number of sites in the Inland Empire.