Lee & Associates - Ontario | $22.2 Million Build-To-Suit & Office Lease to DMV in Fontana, CA
Lee & Associates Closes Land Sale and $22.2 Million Lease in Fontana
February 14, 2013
DMV regional offices to be constructed on the development site
ONTARIO, Calif.—February 14, 2013—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.â€
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.