Grove Business Center, a 45,996 square-foot mixed-use asset at 2131-2171 Grove Avenue, has hit the market in Ontario. The multi-tenant building is being listed by Lee & Associates for $15 million, or about $326 per square foot, and contains warehouse, showroom, office and retail space.
According to public records, the property is currently owned by RDS Grove LLC, an entity associated with private investor Robert Cao. The limited liability company acquired the property in 2017 for an undisclosed amount.
The two-building property is currently occupied by a mix of tenants, including Proformance Grading, Core Staffing Solutions, Primerica and Back to Health Veterinary Services, among others.
In addition, the property offers several vacancies, ranging from 900 to 9,000 square feet of space.
The property is located in close proximity to the Ontario International Airport and just one block away from State Road 60. The area is primarily industrial with a wide array of distribution and manufacturing facilities. Nearby companies include Able Industrial Products, Mission Plastics Inc., Coastal Pacific Food Distributors as well as several others.
In general, Ontario is home to a large amount of industrial product and has seen a significant amount of transactions in the past several months. Most recently, Shea Properties leased 244,958 square feet of space at its 1.8 million square-foot distribution center at 5200 Shea Center Drive. Banyan Imports also leased 203,408 square feet of space at the California Commerce Center.
Lee & Associates did not respond in time to comment on this story.
