Developer Closes Sale and Lease of Two Inland Empire Properties

NEWPORT BEACH, CA-Western Realco, a developer of office and industrial properties, has closed two transactions in the same business park in Corona totaling more than $7 million.

In the first transaction, Western Realco sold a new 126,000-sf manufacturing/distribution property in the Promenade Business Park to Granite Holdings for $5.8 million. Located at 1493 Bentley St., the buyer, a manufacturer of automobile interiors, will occupy the building by year’s end.

In the second deal, the developer leased a new 51,000-sf building in the business park to Armstrong Industries, a warehouser of products for military personnel. The five-year lease is valued at $1.3 million. The building is located at 1594 Bentley St.

Granite Holdings and Armstrong Industries join Arkwright Corporation and Notting Hill as occupants of the business park, a $14.5 million development that includes four concrete tilt-up buildings with 26- and 30-foot interior clearance and dock high loading. After these transactions, the business park, which opened in mid-1999, only has 45,000 sf of office space left to market.

Brokers from Grubb & Ellis’ Anaheim, Newport Beach and Ontario offices represented Western Realco in both transactions. Lee & Associates’ Ontario office represented Granite Holdings, while Matlow-Kennedy in Long Beach represented Armstrong Industries.

Established in 1972, Western Realco has developed more than 500 acres and 11.5 million-sf of space. The company’s services include land acquisition, financing, project conceptualization, construction management, marketing and property management.