TWO BUILDINGS ALREADY PRE-SOLD FOR $12.74 MILLION
NEWPORT BEACH, CALIF. – Orbis Real Estate Partners, a commercial real estate development and investment firm based in Newport Beach, Calif., announced the groundbreaking for a 136,790-square-foot, pre-sold development in Ontario, Calif.
Orbis Real Estate Partners broke ground late last month on the Orbis Business Center, which will offer three free-standing Class A industrial warehouse/distribution buildings totaling 136,790 square feet on 6.26 acres. The site is in close proximity to Interstates 10 and 15 with direct access from Milliken Avenue.
The project was approximately 85 percent pre-sold prior to the closing of the land sale, with two of the buildings sold earlier this year for a total of $12.74 million. Orbis purchased the land in April from the Kaplan Family Trust for $3.75 million.
The first pre-sold building, located at 305 N. Sequoia Ave., offers 90,711 square feet and has been sold to O’Green Corp. for $9.52 million. Tread Line Tires, a subsidiary of O’Green Corp., will be the owner/user of the building which will feature 30-foot clear height, a secured truck court and 4,000 square feet of office space.
The second pre-sold building, located at 301 N. Ponderosa Ave., has been sold to Paper 360 Inc. which plans to use the building for its own operations. The building will have approximately 25,670 square feet, including 2,500 square feet of office space, 24-foot clear height and a secured truck court. The building was sold for $3.22 million.
The third building is located at 201 N. Ponderosa Ave. and will be approximately 20,400 square feet, of which 2,500 square feet will be demised into office space, along with 24-foot clear height and a secured truck court. The building site is currently being marketed for sale as an owner/user property with an asking price of $145 per square foot.
All three buildings will be developed in one phase with a total development value estimated at $15.7 million.
“The western Inland Empire submarket currently lacks a supply of industrial buildings less than 100,000 square feet, triggering strong demand from owner/users and other tenants,” said Thomas Money, managing partner for Orbis. “Orbis will further establish its foothold in the western Inland Empire submarket with the delivery of three new buildings to the marketplace – all under 100,000 square feet – in the first quarter of 2016.”
The Orbis Business Center was designed by HPA Architecture in Irvine, Calif., with general contracting services being provided by KPRS Construction Services in Brea, Calif. Expected completion date for the buildings is fourth quarter 2015. Financing for the project was provided by First Bank.
Frank Geraci and Juan Gutierrez of Voit Real Estate Services’ Ontario office represented Orbis in the transactions with O’Green Corp. and Paper 360. O’Green represented itself in the purchase with John Seoane from Lee and Associates’ Ontario office representing Paper 360.