Lee & Associates Closes Land Sale and $22.2 Million Lease in Fontana
Torrance, CA – February 15, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, facilitated a 20-year, $22.2 million build-to-suit and office lease to the Department of Motor Vehicles at 8026 Hemlock Avenue in Fontana, California.
Ed Smith of Lee’s Ontario office represented both the buyer and seller of the 4.54-acre development site. ICO Development, the winning bidder, will construct a 20,654-square-foot regional office for the DMV. The DMV was represented in the lease by CB Richard Ellis.
Ed Smith states that, “This site provided the perfect size, image and accessibility that the DMV wanted. This resulted in a fiercely competitive bidding process between multiple highly qualified developers. We felt that ICO Development was the most qualified developer to complete the project for the DMV and had the highest probability of closing the sale with our client. We ultimately achieved a higher than asking price for our seller.”
The site is just north of Foothill Blvd, east of Cherry Avenue and west of Sultana Ave with nearby tenants including New Classic Home Furnishings, Target Distribution, Crown Mark, and Recall.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 730 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
About ICO Group of Companies
ICO Group of Companies is a premier real estate development, investment and management company, headquartered in Downtown Los Angeles, California. ICO focuses on “value-add” commercial and multi-family projects, providing Class A state and county government offices and facility space on a design/build basis through public and private partnerships, and adaptive reuse of historic properties. Additional information is available at www.icodevelopment.com.
