The Real Estate Industry team advised Ivanhoé Cambridge on the completion of its acquisition of several strategically-located parcels of land in the City of Ontario, comprising over 100 acres in the Inland Empire area of Southern California. Ivanhoé Cambridge intends to develop the site in two phases, at a cost of more than $450 million. Colony Commerce Center Phases 1 and 2 will comprise 11 class A industrial buildings, as well as extensive off-site infrastructure improvements. Colony Commerce Center is part of a larger development plan involving some of the last greenfield properties in the City of Ontario.
The Inland Empire is a highly sought-after industrial area of Southern California directly east of Los Angeles and benefits from strong demand from Fortune-1000-caliber tenants. The entire project will consist of almost 3,000,000 sq. ft. (280,000 m2) of modern leasable space and offer a variety of building sizes, including 600,000 sq.ft. (56,000 m2), 700,000 sq. ft. (65,000 m2) and 1,000,000 sq. ft. (93,000 m2). Ivanhoé-Cambridge will work with CapRock Partners Management, Inc. as development manager on the project.
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world.
The Goodwin team included partner Dean Pappas.
For additional information on the acquisition, please read the press release.