Rexford Industrial has purchased Ontario Airport Commerce Center, a three-building industrial park in Ontario, California, totaling 213,603 square feet, from MetLife Real Estate Investments for $24.1 million. The property is situated on 5.5 acres at 1900 S. Proforma Avenue and 1910 and 1920 S. Archibald Avenue in the Inland Empire West submarket, considered one of the most highly sought-after industrial markets in the U.S., providing access to I-10 and I-215 and SR 60.
The park is approximately 85 percent leased and features 14- to 24-foot clear heights, a total of 16 dock-high doors, 53 grade-level doors and 24 percent office space. Located 1.2 miles from Ontario International Airport and less than 60 miles from the Ports of Long Beach and Los Angeles, the asset is within a 60-mile radius of approximately 17.4 million residents.
The HFF investment advisory team representing the seller included managing director Andrew Briner, senior director Michael Roberts and senior managing director Scott Pertel.
by Carrie Rossenfeld