CHINO, CA-Master Development Corp. of Newport Beach has sold out all 17 of the buildings in Phase I of its 300,000-sf Chino Ranch Business Park for more than $18 million and has entered escrow on 10 of the buildings in Phase II. The office and industrial park is designed for 33 buildings on a 25-acre site at southwest corner of Edison Avenue and Euclid Avenue, near the 71 and 60 freeways.
Master Development broke ground on the project 18 months ago and expects to complete it in November, according to Ward Mace, a Master Development VP who is project manager for the business park. One reason for the quick sales, according to Mace, is the park's location, which is accessible to Orange County, the San Gabriel Valley and the Inland Empire.
Each of the two phases at the development is 150,000 sf. Construction of Phase I is complete and the buyers have occupied the buildings. The buyers include a variety of users, such as a home furnishings company, a civil engineering firm, a foam mattress company, a lighting supply company and a bowling equipment manufacturer.
Buyers of the 10 buildings in escrow on Phase II include a vitamin company, a logistics company, a flooring company and an electronic components firm. Both the Phase I and the Phase II buildings range from 5,000 sf to 16,000 sf and are being marketed for sale or lease.
The listing agents for the development are Tom Taylor, Steven Bellitti and Josh Hayes of the Diamond Bar office of Colliers International.
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