CRE Transaction Alert
Richard Lee, SIOR, Nicholas Chang, CCIM, SIOR, Justin Kuehn and Sione Fua with NAI Capital’s Ontario office represented Morgan Stanley Real Estate’s Prime Property Fund, one of the largest Industrial Core Property Funds in North America, in the long-term lease of the 90,342 square foot Bridge Point Ontario II building in Ontario, California to NeilMed Pharmaceuticals.
Shy Assar and Juan Gutierrez, SIOR of Voit Commercial Real Estate represented the tenant.
Bridge Point Ontario II is part of the two-building Bridge Point Ontario complex, a new state-of-the-art 268,753 square foot multi-building distribution development situated on 12 acres that completed construction in October 2020. The complex was developed by Bridge Development Company and forwarded to Morgan Stanley Real Estate while under construction.
Located at 981S Wanamaker Ave, Bridge Point Ontario II sits directly on the I-15 Freeway in the heart of the Inland Empire’s West submarket, one of the fastest-growing and most dynamic industrial markets in Southern California. The site was formerly home of the Scandia Fun Park, which NAI Capital sold to Bridge Development in December, 2018.
The building leased by NeilMed Pharmaceuticals features a corporate image two-story office totaling 8,051 square feet, an open warehouse area with 32’ clear height ceilings, 52’ x 60’ column spacing, and 23 dock high loading positions. The property has immediate access to Interstate Highways 15, 10, and the 60 Freeway and is located just two miles from the Ontario Airport, FedEx, and UPS hubs.
“Demand for well-located state-of-the-art warehouse distribution space with high ceilings and deep concrete truck courts continues to push an already low vacancy rate even lower. Ontario and the surrounding industrial submarkets have limited availability when it comes to new industrial buildings,” said Chang.
“Our client, Morgan Stanley Real Estate, is thrilled to have NeilMed Pharmaceuticals as a tenant. The quality and location of Bridge Point Ontario will be an outstanding addition to NeilMed Pharmaceuticals’ distribution network,” Lee added.