ONTARIO, CALIF. — CenterPoint Properties has purchased an industrial property located 5600 E. Airport Drive in Ontario. Situated on 94.2 acres, the asset features 1.6 million square feet of industrial space.
The acquisition includes a short-term leaseback with the existing tenant. However, CenterPoint plans to market the property for lease in the future. The company intends to leverage the existing improvements and capitalize on a parking ratio five times greater than the market average. The site can accommodate multiple tenants, including a combination of standalone yards.
Thad Mallory, Bret Hardy and Jim Linn of Newmark Knight Frank represented CenterPoint in the off-market transaction. Terms of the deal, including seller and acquisition price, were not released.