It bought the Ontario site from Knoxville, Tenn.-based CFJ Properties. Terms of the deal weren’t disclosed.
The sale of the land—located at the northwest corner of the San Bernardino (10) Freeway and Etiwanda Avenue, about a mile east of the Ontario Mills Shopping Center— was brokered by NAI Capital. It’s the last major non-committed land development opportunity in Ontario, according to marketing materials.
City officials in Ontario are said to support a commercial or mixed-use development on the land.
Western Realco is leaning towards developing speculative industrial buildings at the site, although final plans still are being hashed out, according to NAI Capital.
David Knowlton, a senior vice president in NAI’s Newport Beach office, represented both the buyer and the seller in the deal, along with a colleague in the brokerage’s Salt Lake City office.
Irvine-based hotel developer R.D. Olson Development has broken ground on a project in Hawaii.
The company is working with Honolulu-based A&B Properties Inc. to build a Courtyard by Marriott hotel in the city of Kahului on Maui, site of the island’s main airport.
It’ll be the first Courtyard by Marriott hotel on the island and the area’s first airport hotel, according to local reports.
The four-story, 138-room hotel is being built on a 3.4 acre parcel of land that A&B Properties owns.
R.D. Olson is acting as co-developer for the project and will retain ownership after its completion.
The hotel, expected to cost about $16.5 million to build, is scheduled to open in early 2012.
The Southern California chapter of commercial real estate development association NAIOP’s big social event, its annual Night at the Fights, is being held Thursday in Irvine.
This year’s event is themed “Off to the Races” in celebration of the Kentucky Derby and—according to NAIOP—the positive momentum of the commercial real estate industry.
The event, held at the Hyatt Regency Irvine, includes three boxing matches and a mixed martial arts fight. Tickets cost $600.