CT REALTY ACQUIRES FONTANA PROPERTY, ANNOUNCES 358,000-SQUARE-FOOT DEVELOPMENT
An affiliate of CT Realty has purchased 17.26 acres of land in Fontana, Calif., and announced plans to develop two Class A industrial buildings totaling 358,410 square feet.
The CT Realty affiliate acquired four parcels from three owners for $7.8 million. Located at 15996 Jurupa Ave., 16034 Jurupa Ave. and 11101 Catawba Ave. just south of Interstate 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 four million feet of planned developments. The sellers were all individuals.
CT’s new $28 million development project 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, Calif., is the architect of record for the project and Thienes Engineering, Inc. of La Mirada, Calif., 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 offering five- to seven-year lease terms. Ewing said that demand for “smaller” buildings in the Inland Empire West has increasingly outstripped supply.
“This acquisition offers an outstanding opportunity to develop and bring to market an industrial product that is under-served in one of the most desirable locations in Southern California,” Ewing said. “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.”
Mark Zorn, Summer Coulter, Tom Taylor, Steve Bellitti and Josh Hayes with the Ontario, Calif., office of Colliers International represented all sellers in the transaction. CT Realty represented itself. The Colliers team will handle the marketing duties for the development.