Commercial Real Estate Transactions for the Week of June 10, 2024

A roundup of notable commercial real estate transactions.

Transwestern Development Company sold its two-building portfolio at 16748 and 16796 Boyle Ave. in Fontana for a total of $86 million to two separate buyers on May 15. The larger building at 16796 Boyle Ave. in Fontana sold for $58.2 million, or $ 338 per square foot, to commercial investment firm BentallGreenOak. The 172,219-square-foot industrial building is fully leased to Horizon Brands. The 75,428-square-foot building at 16748 Boyle Ave. in Fontana is fully leased to Equipment Dealer. That building was acquired by Young’s Holdings Inc. for $27.8 million, or $368 per square foot.

The two-building portfolio was developed by Trammell Crow in 2022 but leased to separate companies and marketed for sale by Colliers individually or as a portfolio.

West Los Angeles

A 29,024-square-foot warehouse and office space at 2707 Beverly Blvd. was acquired by Hospitality Industry Training and Education Fund for $13 million, or $448 per square foot. The property was fully occupied at the time of the sale, and the current tenant will remain in the building until the new owner has completed plans for upgrades.

The seller had originally purchased the building in 2010 for $2.8 million and was working on entitlements for a mixed-use apartment building but entertained offers on the site. The buyer is a nonprofit entity that will use the facility as a hospitality training academy for the 2028 Olympics and purchased the building with an all-cash offer. Due to the buyer’s nonprofit eligibility, the seller was exempt from the city’s 5.5% transfer tax. Jake Glaser of Lyon Stahl Investment Real Estate represented the seller.