ONTARIO, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC), the managing member of Ontario Two LLC, has leased 269,000 square feet of industrial space in Phase II of its Thoroughbred Business Park in Ontario. An undisclosed tenant will occupy the space, which is located at 1545 E. Locust St., as its West Coast distribution facility. The lease was valued at $3.5 million.
In a statement detailing the transaction, Phil Lombardo of Cushman & Wakefield said “the lessee negotiated a very advantageous rental rate at this property; however, MDC enjoyed the benefits of a rapid lease commencement and relatively minor tenant improvements.”
MDC Executive Vice President Bryan Bentrott also noted, “this lease was secured and signed at lightning-quick speed, which speaks volumes to the quality of this building and our ability to negotiate a letter of intent and finalize a lease.”
Built in three phases from 1996 to 2000, the business park consists of 11 dock-high industrial buildings totaling 2 million square feet. The development is a joint venture between MDC, the landowner, The Johnson Trust and a large midwestern pension trust. Current tenants include Coastal Pacific Food Distributors, Fresh Start Bakeries and Westside Packaging.
Michael Chavez and Vince Anthony of Lee & Associates’ Ontario office represented the landlord, Ontario Two LLC; Lombardo and Vince Manchee of Cushman & Wakefield represented the undisclosed tenant in the transaction.
— Amy Bigley