Ontario Industrial Becomes a Success before Breaking Ground
- Aug 11, 2015
By Alex Girda, Associate Editor
An Ontario industrial development project broke ground at the end of July under very particular circumstances. Developer Orbis Real Estate Partners already pre-sold two of the three buildings it is constructing at the site it acquired this spring from the Kaplan Family Trust.
Set to total 136,790 square feet of industrial space, the Orbis Business Center will take shape on a 6.26-acre site. The three buildings will be located at 305 N. Sequoia Ave., 301 N. Ponderosa Ave. and 201 N. Ponderosa Ave. Offering great access to the I-10 and I-15 from Milliken Avenue, the project presents great opportunity as it is one of few assets that offer industrial buildings smaller than 100,000 square feet.
Orbis sold two of the buildings at the industrial campus prior to the closing of the land sale, highlighting the level of interest in this type of property. The company received $12.74 million for 305 N. Sequoia Ave. and 301 N. Ponderosa Ave. to Tread Line Tires, and Paper 360 Inc respectively. The 20,400-square-foot building at 201 N. Ponderosa is still available, will offer 2,500 square feet of office space, 24-foot clear height, and a secured truck court. The property is still being marketed with the asking price currently set at $145 per square foot.
Designed by HPA Architecture and financed by First Bank, the Orbis Business Center is being constructed by General Contractor KPRS Construction Services. Completion is set for Q4 of this year.