Panattoni Development Company, the Newport Beach, CA-based CRE developer, has sold Airport Distribution Center in Ontario to Guthrie Development Company and a private equity parter for an undisclosed price, though some sources claim the company paid over $20 million for the property. Barbara Emmons, Darla Longo, and Michael Kendall of CBRE represented the seller in the transaction.
"This property provides an excellent opportunity for our firm and joint venture partner to build its Inland Empire industrial portfolio. We've historically focused on coastal markets, but feel the time is right to take advantage of the strength of the Inland Empire industrial market. Specifically this property fits our strategy of selling individual units as condominiums to the small industrial users," said Rob Guthrie, President of Guthrie Development Company, in a GlobeSt.com article.
Located at 1500, 1550, and 1590 Milliken Avenue, the 221,171 square foot industrial park spans three buildings that were 93% leased at the time of sale. "The property has been able to attract quality tenants due to its excellent location, dock high and grade level loading and attractive office space. Dock high loading functionality is very rare at competing properties with similar unit sizes," added Barbara Emmons of CBRE. The project is in the heart of the California Commerce Center and ideally situated West of the 15 Freeway and between the 10 and 60 freeways, just minutes from the Ontario International Airport and numerous retail establishments.
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