Real Estate Development Associates Pays $122MM for 130-Acre Development Site in Ontario

Real Estate Development Associates. Ontario, Ontario Ranch Business Park, Chino Airport, Walmart, Amazon, The Home Depot, JLL

By Catherine Sweeney

Real Estate Development Associates is one step closer to completing the development of its 160-acre Ontario Ranch Business Park after recently paying $122 million for an associated 130-acre plot of land. According to public records, the company purchased the development site on Nov. 7 from an entity linked to George and Linda Borba.

Located along Euclid Ave and Merrill Ave, the development site is split into two planning areas. The first – 23.65 acres of land to the north along Eucalyptus Ave – will be developed with 618,076 square feet of business park buildings. The second – the 106.71-acre portion – will be developed with up to 2.5 million square feet of industrial buildings.

According to the company’s website, the larger Ontario Ranch Business Park is a two-phase, 160-acre development consisting of 12 buildings totaling more than 3.2 million square feet of logistics and e-commerce buildings.

The project is expected to be completed in 2023 and is being built in two phases. The first phases will include six buildings totaling 1.7 million square feet, while the second phase will include the completion of the remaining six buildings totaling approximately 1.52 million square feet.

The development will take shape across from the Chino Airport and maintains easy access to both Interstates 10 and 15. The area is already home to numerous industrial properties, with major corporate tenants including Walmart, Amazon, Nike and many others.

The industrial property has been in the works for several years. In June, the first phase of the project received $210 million in construction financing, according to an announcement from JLL, which worked on behalf of the borrower, a joint venture between REDA and Clarion Partners. That announcement also showed that the largest building, which will ultimately total 1.1 million square feet, is preleased to The Home Depot.