Newmark completes sale of multi-tenant mall in Ontario, California for $ 40.5 million
October 4, 2021 9:00 AM
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 located in Ontario, California, for $ 40.5 million. Newmark vice president Bill Bauman and executive general manager Kyle Miller represented the vendor, Zelman Development Company.
Ontario Gateway is a 100% occupied multi-tenant mall 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 the Ontario Mills Mall, a 1.5 million square foot shopping center that attracts over 28 million visitors per year. The Gateway to Ontario is easily accessible via the Millikan Avenue access and exit ramps from the San Bernardino Freeway (I-10).
“Ontario Gateway’s location, visibility, accessibility and ‘best-in-class’ tenant mix have made it the leading shopping destination in the Ontario submarket,” said Bauman. “Its location directly across from the iconic Ontario Mills Mall creates a significantly expanded shopping area, further enhancing the appeal of this asset.
The center is occupied by a well-organized and diverse mix of national credit tenants in a wide range of categories. Primary tenants include Ross, Big Lots, Jo-Ann, Dollar Tree, David’s Bridal, Turner Outdoorsman, and Grocery Outlet. The property also benefits from four outdoor plots leased from IHOP, Outback Steakhouse, Tokyo Wako and an undeveloped pad. The undeveloped land offers the new owner considerable upside potential by leasing it for development.
The buyer, JH Real Estate Partners, has been active in purchasing well-located food centers, community / neighborhood centers, mixed-use multi-family residences, offices and land in the western United States. United.
The Inland Empire is considered one of the strongest markets in the United States in terms of population growth, job creation, construction and absorption of industrial space. Because the Inland Empire offers the advantages of affordable real estate and direct access to the workforce and amenities of the Los Angeles Basin, the region continues to grow at a faster rate than n ‘ any of its neighboring Southern California markets, according to Newmark Research.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
Discussion of forward-looking statements regarding Newmark
Statements contained in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.