A recently developed industrial property in Ontario has hit the market, offering opportunities to either acquire or lease the building. Located at 2440 S. Milliken Avenue, the 71,850 square-foot property is being listed by DAUM Commercial Real Estate Services, which declined to share guidance pricing.
The property was built in 2020, at which point it was acquired by Corona, Calif.-based Amrapur Overseas, Inc., according to public records. While terms of the deal were not disclosed, the manufacturing company received an $8.9 million acquisition loan for the property, which was arranged by Aries Capital.
In addition to its industrial space, the property features 4,500 square feet of office space, 32-foot clear ceiling heights, three trailer stalls and 62 auto stalls.
The property is also near several major freeways including Route 60 and both Interstates 10 and 15. Additionally, the property maintains easy access to Ontario International Airport, as well as a number of distribution and logistics facilities. Nearby, companies include Fedex Shipping, Bridgestone Firestone Distribution Center, Pier Imports Distribution Center and Niagara Bottling Company.
The Inland Empire currently is one of the top industrial markets in the nation, with a record low vacancy rate of 1.2 percent. According to a 2021 fourth quarter Inland Empire industrial market report from DAUM Commercial Real Estate Services, sales volume in the region also picked up by 34.4 percent totaling $847 million. Throughout 2021, the total sales volume was $2.7 billion. The median price per square foot also increased about 7.1 percent from the previous quarter to $256.43 per square foot.
