Friday, October 7, 2016
Newcastle Partners Sells Recently Completed Industrial Building to Parter Medical Products, LLC in Ontario, CA
San Francisco, CA (Oct. 7, 2016) -- Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, announced today it has sold Ontario Airport Distribution Center, a 102,440-square-foot Class A industrial property, for $12 million to an owner-user in Ontario, CA.
The buyer, Parter Medical Products, LLC, is a preeminent manufacturer of quality, single use, plastic, laboratory products for healthcare, medical and pharmaceutical research markets. With two locations in Carson, CA, this new facility is Parter’s first in the Inland Empire.
The property is situated on 5.12 acres at 1521 South Hellman Avenue. It features 5,000 square feet of two-story executive office space, 30’ minimum clearance height, 18 doc doors, one ground-level loading door, an ESFR sprinkler system, and offers immediate access to the 10, 15 and 60 freeways.
Paul Earnhart of Lee & Associates represented the buyer. Jeff Bellitti and Mike McCrary of JLL represented Newcastle Partners.
Over the past two years, Newcastle has acquired, developed or sold in excess of 2 million square feet of industrial property in the region, and the firm plans to be even more aggressive for the balance of 2016.
“Newcastle continues to be bullish on developing quality industrial facilities in the Inland Empire,” said Jackson Smith, partner with Newcastle Partners. “Because industrial occupancies are extremely hard to find in the adjacent counties of Orange and Los Angeles, and as demand remains robust for larger spaces, we see this market as one that will have longevity for distribution, warehouse and manufacturing users well into the future.”
For a complete copy of the company’s news release, please contact:
Posted by Alex at 12:49 PM