A joint venture between MBK Real Estate and Rockefeller Group closed on the sale of a 297,161-square-foot building in southwestern Fontana last month.
Haralambos Leasing Company acquired the recently completed building, which is referred to as Fontana Santa Ana Industrial Center, for $54 million.
This was one of the largest spec buildings to deliver in 2020 in the western area of the Inland Empire, according to a news release by MBK Real Estate.
The building was pre-sold despite the impact of the coronavirus pandemic.
"There was tremendous interest in the property right from the beginning, and the pandemic related surge in industrial real estate demand only made the interest stronger, leading to a very successful outcome," said Vijay Pandurangadu, vice president of industrial properties for MBK Industrial Properties.
"Haralambos continues to invest in quality industrial properties in Southern California and the Inland Empire," said Anthony Haralambos, partner at Haralambos Leasing Company. "We are excited to have this opportunity to increase our presence in the Inland Empire market with Fontana Santa Ana Industrial Center."
Construction of the project began in March 2020 on a 13.78-acre site at 10965 Banana Avenue acquired as an assemblage of 11 separate parcels. Construction financing was provided by City National Bank.
"As we continue to grow our presence in the industrial sector, we are encouraged by the sustained demand we are seeing, which should provide opportunities for us to leverage our relationships and bring creative solutions to the marketplace," said Katsuo Yamanaka, president and chairman of MBK Real Estate Companies.