Oakmont Industrial Buys 190 Acres for $92M

RIALTO, CA-Oakmont Industrial Group of Atlanta has acquired the 190-acre El Rivino Country Club for $92 million from Rancho Cucamonga-based Cactus Investment LLC and plans to redevelop the land as a masterplanned business park with up to four million sf of space. Tim Howard, Irvine-based Southern California regional partner for Oakmont, calls the deal a "one-of-a-kind opportunity" to acquire such a large assemblage of land in one of the country's strongest infill markets.

Oakmont acquired the property with Prudential Real Estate Investors and Hunt Realty Corp. as capital partners. Howard tells GlobeSt.com that Oakmont will be offering buildings for sale as well as for lease, although specifics of the building sizes and other details have yet to be determined.

"We are bullish on the L.A. Basin and are excited to be working with the City of Rialto to bring a product type to the market that will not only benefit the local economy but stimulate further corporate interest in the area," Howard comments. He says that the project will offer some bulk warehouse space as well as business park buildings, with size ranges to be determined by market demand when Oakmont completes the entitlement process.

Oakmont was one of a number of bidders that sought the golf course, which has been closed for several years. Oakmont was represented by Bill Heim, Eloy Covarrubias and Eric Hutchins of Lee and Associates' Redlands office along with Doug Jorritsma of Park Place Partners. Heim will also be leading the marketing effort for the new project.

With the addition of the El Rivino site, Oakmont's development pipeline in Southern California will now total eight million sf. The Atlanta-based firm, founded in 1996, develops warehouse and distribution facilities in quality business parks on both coasts with a development pipeline totaling approximately 12.5 million sf.