Rockefeller Group Sells Inland Empire Properties for $81M

Multiple buyers have acquired the recently completed mid-size buildings.
Fontana Santa Ana Industrial Center. Image courtesy of Rockefeller Group

Rockefeller Group has closed on the disposition of two recently completed industrial properties totaling 500,000 square feet in the Inland Empire. Separate buyers acquired the Class A, mid-size assets for a combined $80.8 million.

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Haralambos Leasing Co. is the new owner of the 297,161-square-foot Fontana Santa Ana Industrial Center located at 10965 Banana Ave. in Fontana, Calif. Rockefeller Group developed the project in a partnership with MBK Real Estate. Last August, Haralambos was able to sell a 255,900-square-foot warehouse in suburban Los Angeles to The Los Angeles Regional Food Bank, after more than a decade-long search for a buyer.

Lone Oak – Moreno Valley LLC, an entity associated with Reyes Holdings, paid $26.8 million for the 203,944-square-foot Centerpointe Commerce Center, situated at 14180 Frederick St. in Moreno Valley, Calif.

Fontana Santa Ana Industrial Center is located on roughly 14 acres, just off Interstate 10 and 6 miles east of Ontario International Airport. The developers bought the ensemble of 11 parcels upon which the building was erected for $15.7 million and broke ground on the project last March. National Bank provided a $24.4 million construction loan.

Situated near Interstate 215, Centerpointe Commerce Center is positioned on an 8.8-acre lot. Rockefeller picked up the property in the first half of 2019, for $5.9 million and kicked off construction in September 2019.

Lee & Associates represented Rockefeller in both transactions. Paul Earnhart, Doug Earnhart, Brian Pharris and Ryan Earnhart collaborated with Juan Gutierrez from Voit Real Estate Services in the Fontana sale, while Tal Siglar of Cushman & Wakefield Ontario represented Haralambos Leasing Co.

The Lee & Associates team representing Rockefeller in the Moreno Valley disposition included Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie, while Tim O’Rourke of JLL’s Industrial Services Group in Los Angeles represented the buyer.