Friday, November 26, 2021
Commercial Real Estate Transactions

Newmark Completes Sale of Multi-Tenant Shopping Center in Ontario, California for $40.5 Million

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COMMERCIAL REAL ESTATE TRANSACTION ALERT

Newmark Knight Frank (“Newmark”) announced that it has completed the sale of Ontario Gateway, a 225,749-square-foot, fully-occupied, grocery-anchored shopping center in Ontario, California for $40.5 million. Newmark Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller represented the seller, Zelman Development Company.

Ontario Gateway is a 100%-occupied, multi-tenant retail center located at 4400-4510 Ontario Mills Parkway in Ontario, California. The property has over 1,300 feet of frontage on the I-10 Freeway and sits adjacent to Ontario Mills Mall, a 1.5 million-square-foot mall that attracts over 28 million visitors per year. Ontario Gateway is readily accessed via the Millikan Avenue on and off ramps from the San Bernardino Freeway (I-10).

“Ontario Gateway’s location, visibility, accessibility and ‘best in class’ tenant mix has made it the primary shopping destination within the Ontario submarket,” said Bauman. “Its location directly across from the iconic Ontario Mills Mall creates a significantly expanded trade area, enhancing the appeal of this asset.”

The center is occupied by a well-curated and diverse mix of national credit tenants in a wide array of categories. Anchor tenants include Ross, Big Lots, Jo-Ann, Dollar Tree, David’s Bridal, Turner Outdoorsman and Grocery Outlet. The property also benefits from four outparcels leased to IHOP, Outback Steakhouse, Tokyo Wako and an undeveloped pad. The undeveloped pad offers the new owner considerable upside potential in leasing it for development.

The buyer, JH Real Estate Partners, has been active in purchasing well-located power centers, community/neighborhood centers, mixed-use, multi-family residential, office and land throughout the Western United States.

The Inland Empire is considered one of the strongest markets in the United States in terms of population growth, job creation, construction and industrial space absorption. Because the Inland Empire provides the benefits of real estate affordability and direct access to the Los Angeles Basin’s workforce and amenities, the region continues to grow at a more rapid rate than any of its neighboring Southern California markets, according to Newmark Research.

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Inland Empire Business Journal
The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.