Town to Receive Two Industrial Builds

FONTANA, CA—Two industrial buildings are planned for development in Fontana. An affiliate of CT Realty has purchased 17.26 acres of land here for the purpose of constructing the buildings, which will total 358,410 square feet.

The affiliate acquired four parcels from three individual owners for $7.8 million. Located at 15996 Jurupa Ave., 16034 Jurupa Ave. and 11101 Catawba Ave. just south of I-10, the property is situated in one of the most active industrial pockets in the Inland Empire West submarket and directly adjacent to more than 4 million square feet of planned developments.

Mark Zorn, Summer Coulter, Tom Taylor, Steve Bellitti and Josh Hayes with the Ontario, CA, office of Colliers International represented all sellers in the transaction, while CT represented itself. The Colliers team will also handle the marketing duties for the development.

The project, which has a planned construction cost of $28 million, will feature a 212,498-square-foot warehouse/distribution building on two parcels on Jurupa and a 145,912-square-foot warehouse/distribution building on Catawba. Construction on both buildings is expected to begin in November, with completion slated for second-quarter 2015. RGA of Irvine, CA, is the architect of record, and Thienes Engineering Inc. of La Mirada, CA, is the civil engineer. The general contractor has yet to be determined.

According to Carter B. Ewing, managing partner of CT Realty, the two buildings will be marketed to potential tenants offering five- to seven-year lease terms. Ewing said demand for “smaller” buildings—which is relative to the size of typical industrial buildings in this market—has increasingly outstripped supply in the Inland Empire West.

Ewing adds that the acquisition “offers an outstanding opportunity to develop and bring to market an industrial product that is underserved in one of the most desirable locations in Southern California. Very few industrial-class buildings below 200,000 square feet are currently available or under construction, while tenant demand for these state-of-the-art facilities is exploding. Our development plan has been specifically designed to meet this market imbalance.”