Smaller apartment building transactions in the region have been popular among investors looking to trade properties in tax-deferred exchanges in order to capitalize on rental income.
Here are notable Inland Empire (and adjacent) deals in recent weeks.
San Bernardino
Loma Villas, a new 70-unit apartment complex in San Bernardino, sold for $21.5 million.
The complex at 415 E. Commercial Road rents a mix of studio, one-, and two-bedroom floor plans ranging from 525 to 822 square feet. Monthly rent at the complex ranges from $1,600 – $2,095, according to Apartments.com.
The two-story Loma Villas also touts a pool and spa, gym, bark park and a grilling/picnic area.
The Mogharebi Group represented the seller, identified only as a regional owner and developer. The buyer was not identified.
Northern Inland Empire
A three-property apartment portfolio with a combined 53 units in Upland, La Verne and San Dimas sold for $16.28 million, according to the brokerage Marcus & Millichap.
The properties and their purchase price break down like this: 18 units at the Upland property built in 1998 ($5,575,000), a 19-unit building dating to 1979 in La Verne ($5,880,000) and 16 units completed in 1963 in San Dimas ($4,825,000).
“Increasing demand for Inland Empire multifamily properties and the rarity of opportunities to acquire assets of this size created strong demand for the properties in the portfolio, which were on the market for the first time in over 20 years,” said Douglas McCauley, senior vice president investments in Marcus & Millichap’s Inland Empire office. “To meet our client’s 1031-tax deferred exchange deadlines, we closed all three sales less than 60 days from opening escrow.”
Marcus & Millichap’s David Covarrubias said that apartment sales such as these have been rare in the cities.
“Prior to this sale, only two apartment assets of 10 to 100 units in La Verne and San Dimas had traded in the last six years and just eight multifamily properties of similar size had been sold in Upland in the last three years,” he noted.
2 hiring fairs ahead for casino gearing up for summer
Morongo Casino Resort & Spa is getting ready for summer tourists and gamblers, hosting two job fairs in May to fill “dozens of positions” across the resort and restaurants.
The job fairs will take place from 10 a.m. to noon May 2 and 16 at the Cabazon casino’s Marketplace food hall.
Open positions include cash operations, count room, entertainment, food and beverage, hospitality, housekeeping, promotions, public safety and surveillance and the Morongo Travel Center. The casino declined to provide wage information only saying hourly pay is “competitive” and varies depending on experience.
Positions are also available at the new food hall, which has seven eateries that allow diners to pay one fee to eat cuisine from Italy, Mexico, South America, Asia, and the Southern U.S.
Job seekers are asked to complete an online application first at morongocasinoresort.com/employment
High-dollar industrial deals sprout in April
Several industrial transactions caught our eye this week after a notable lull at the beginning of the year.
Details are provided by Vizzda, a commercial data provider. Most of the deals closed on April 7.
Montclair: A 100,815-square-foot industrial building at 10628 Central Ave. sold for $35 million to EverWest Real Estate Partners. The building is relatively new, completed in 2020 on 4 acres. The deal closed April 7.
Chino: Rexford Industrial Realty bought a two-building, 65,400-square-foot industrial complex at 13925 Benson Ave. for $27.5 million. The buildings date to 1973 and 1979 on sit on 6.62 acres.
Redlands: A 208,000-square-foot warehouse complex on nearly 10 acres at 77 & 27195 Almond Ave. sold for $29.6 million. The deal closed April 7.
Ontario: The Bon View Industrial complex changed hands for $35.8 million in a transaction that lists the seller as Bon View Land 10 LLC and the buyer as Bon View Industrial LLC. Vizzda notes the transaction appears to be “a construction loan and that these documents reflect a new stage in the development here.”
Tolar wrapping up work on Florida bus shelters
Tolar Manufacturing Company, the Corona-based manufacturer of transit shelters, is delivering a second installment of bus shelters for Central Florida Regional Transportation Authority, also known as LYNX, a public transportation provider in Orlando.
The company will deliver 14 shelters in May, bringing the total to 32 bus shelters to date. Tolar was awarded a three-year contract in April 2022 to build 35 bus shelters for LYNX.
The company also won a multimillion-dollar contract to build bus shelters for Los Angeles. Tolar is working with Tranzito-Vector, part of a $237 million contract, to build 3,450 interactive bus shelters over the next five years for the city of Los Angeles’ Sidewalk and Transit Amenities Program.
The interactive shelters in LA will feature real-time arrival and departure information along with emergency broadcast and city messaging at all 3,450 stops. Other features will include intuitive lighting and phone charging.
Cardenas Markets supports nonprofits that support children’s causes
To commemorate Día del Niño, the Cardenas Markets Foundation is contributing $20,000 dollars to several organizations that support children’s well-being initiatives.
Local recipients include Children’s Fund (San Bernardino), Loma Linda University Children’s Hospital and Building Bridges Foster Family Agency (Ontario).
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
Source: Orange County Register
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