Rockefeller JV Lands $24M for Inland Empire Project
- Jun 10, 2020
A partnership between Rockefeller Group and MBK Real Estate has obtained $24.4 million in construction financing for Fontana Santa Ana Industrial Center, a 297,161-square-foot project in the Inland Empire. City National Bank provided the variable interest note. The loan matures in 2022 and has extension options.
The joint venture paid $15.7 million for the 11 land parcels that make up the site of the $40 million development. RM Dalton is the general contractor for the RGA-designed building. The developer broke ground on the project in April and expects to finalize work in January 2021.
Located on 14.1 acres at 10965 Banana Ave. in Fontana, Calif., the project side is approximately 1 mile from the San Bernardino Freeway and 6 miles east of Ontario International Airport. Plans for the building call for 36-foot clear heights, 10,000 square feet of office space and 59 trailer parking spaces. The warehouse will also have 35 loading docks, two drive-in doors and 185-foot concrete truck courts.
Lee & Associates’ Paul Earnhart, Brian Pharris and Ryan Earnhart, along with Juan Guttierrez of Voit Real Estate, will oversee leasing efforts. ASG Development Advisors’ Nasser Mustafa had assisted the partnership in the acquisition of the 11 land parcels.
Rockefeller Group maintains an active industrial development portfolio in the Inland Empire. Last year, the company broke ground on Centerpointe Commerce Center, a 203,944-square-foot industrial building in Moreno Valley, Calif.