ONTARIO, CA—3M Co. disposes of a 270,890-square-foot industrial building and 42 acres of land here, then signs a 10-year lease on a nearby to-be-built distribution center in this week's wrap-up of deals.
By Carrie Rossenfeld|July 18, 2014 at 08:15 AM
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ONTARIO, CA—3M Co. has sold a 270,890-square-foot industrial building and 42 acres of land here to an unnamed buyer for $31.9 million. As part of the transaction, the firm signed a 10-year lease on a 454,877-square-foot distribution facility soon to be constructed on a nearby vacant parcel. 3M’s Doyle Shea led the project team for the sale and subsequent lease, represented by Cresa Phoenix advisors Gary Gregg, Mike Gordon, Ashley Snyder and Eric Walker. Sam Foster of JLL also participated in the transaction, and David Nazaryk of the Trammell Crow Co. will handle development of the new distribution facility, which breaks ground July 22 and is expected to be delivered on May 1, 2015.
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