American Realty Advisors announced this week that it had acquired 10825 Production Avenue in Fontana, CA, part of the Inland Empire. Terms of the deal were not disclosed, but Cushman Wakefield listed the property as one of its significant lease hilights in 3Q 2007. American's Chairman and CEO, Stanley L. Iezman, stated, "Continuing innovations in large-scale supply chain management have increased demand for the highly functional space offered by 10825 Production Avenue. With less than 2% vacancy in industrial properties greater than 500,000 SF in this market, the scarcity of core-quality assets like this will likely generate strong rent growth and tenant demand during the asset's anticipated holding period and is expected to generate superior returns for our clients. This acquisition reflects our commitment to enhancing our clients' portfolios with best-in-class assets in high-performing markets across the U.S."
Built in 2006, the 753,170 square foot low-rise building was designed by GAA Architects Inc. for $30 million according to an Emporis listing. 10825 Production Avenue is home to the California Distribution Center for Lifetime Brands which has leased 100% of the property. The building is situated on 29.8 acres in the Sierra Business Park, a 200+ acre master-planned industrial complex, and offers tenants enhanced amenities, extensive landscaping, and a campus-like environment.
For more news and information visit Blumberg Capital Partners.
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