X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.