IRVINE, Calif. (February 2, 2021) Last month, a joint venture between MBK Real Estate and Rockefeller Group closed on the sale of a 297,161-square-foot building in Fontana, CA in the Inland Empire. Haralambos Leasing Company acquired the recently completed building referred to as Fontana Santa Ana Industrial Center for $54 million.
Key Data Points:
One of the largest spec buildings to deliver in 2020 in the Inland Empire West.
Pre-sold despite the impact of the national pandemic.
There was tremendous interest in the property right from the beginning, and the pandemic related surge in industrial real estate demand only made the interest stronger, leading to a very successful outcome, said Vijay Pandurangadu, vice president of industrial properties for MBK Industrial Properties.
Haralambos continues to invest in quality industrial properties in Southern California and the Inland Empire, said Anthony Haralambos, Partner at Haralambos Leasing Company. We are excited to have this opportunity to increase our presence in the Inland Empire market with Fontana Santa Ana Industrial Center.
Construction of the project began in March 2020 on a 13.78-acre site acquired as an assemblage of eleven separate parcels. Construction financing was provided by City National Bank.
As we continue to grow our presence in the industrial sector, we are encouraged by the sustained demand we are seeing, which should provide opportunities for us to leverage our relationships and bring creative solutions to the marketplace, said Katsuo Yamanaka, president and chairman of MBK Real Estate Companies.
Paul Earnhart, Doug Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates Ontario and Juan Gutierrez of Voit Real Estate Services represented the JV on the sale. Tal Siglar from Cushman & Wakefield represented Haralambos.
About MBK Industrial Properties and MBK Real Estate
MBK Industrial Properties (mbkindustrialproperties.com), a wholly owned subsidiary of MBK Real Estate, is an active investor and developer of industrial real estate for speculative and build-to-suit development projects across California. MBK Real Estate (mbk.com) is a leading developer and investor in senior living communities, multi-family residential and industrial real estate. Founded in 1990, MBK brings three decades of experience developing, acquiring and operating award-winning projects and providing outstanding standards of service. MBK Real Estate is a wholly owned subsidiary of Mitsui and Co., a global Fortune 500 company.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and operator, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and strategic distribution markets. Visit RockefellerGroup.com