DAUM Commercial Real Estate Services has completed the sale of a 256,722 square-foot, 100% occupied industrial/office building located at 875 W. State St. in Ontario for just over $57.1 million. EVPs and principals Eric Fikse, SIOR and Eric Burney, SIOR represented the seller, Rancho Cucamonga-based real estate developer IHC State LLC. Fikse procured the buyer, Santa Fe Springs-based real estate investment and management company Orden Company.
“DAUM drew upon its deep expertise in the Inland Empire industrial market to source a buyer that would satisfy the seller’s requirements,” says Fikse. “Ownership was seeking a buyer that could assume the existing debt, despite a lockout provision and prepayment hurdles. We were able to identify a party willing to structure a debt buyout, which ultimately unlocked the deal.
“The buyer secured more efficient financing that improved returns, while the seller was able to retire above-market debt and avoid additional fees on a stabilized new building purchased at replacement cost. This was a true win-win outcome for all parties involved.”
