Lee & Associates, representing both the buyer and seller, recently negotiated the sale of Phelan Logistics Center, a newly built 290,650 sq. ft. Class-A industrial building in Fontana, Calif. While the exact terms of the deal are confidential, it is believed that the sale was more than $60 per sq. ft.
Bally Development purchased the 12-acre property, which will house the primary distribution center on the West Coast for Maxzone Auto Parts. The building presented a great opportunity for their client to find a building to purchase in the Western Inland Empire, according to Joe Lin and Jeff Smith, who represented the buyer out of brokerage’s Ontario, Calif. office.
Bill Heim and Eloy Covarrubias, out of the same office, represented Catawba JP/DF, the seller. Prior to completion of construction in the second quarter of this year, Phelan Logistics Center was listed for sale and received immediate attention from Bally Development.
“This was one of those transactions where all the planets lined up perfectly. It was the perfect fit for Bally,” said Heim, noting that Maxzone plans to occupy the space by Sept.1, 2009.
Phelan Development is a privately held real estate company focused on developing and acquiring high-quality industrial, office and retail projects on the west coast. Currently, the company has developed in excess of 20 million sq. ft. of property.