Construction has begun on a 50-unit affordable housing complex in Ontario.
R.D. Olson Construction has put equipment to the ground for Emporia Housing, which should be finished by mid-summer 2024.
The $17.8 million, 60,000-square-foot project at 310 W. Emporia is the second phase of the development, with the first already completed.
“This is R.D. Olson’s fifth affordable housing project with developer Related California, and we are happy to bring this second phase of the property to life,” said Bill Wilhelm, president of R.D. Olson. “Related California has a long-standing track record of successful developments and are great partners in our work building affordable housing to improve communities.”
The new buildings will be two- and three-stories tall, with homes in various layouts including six one-bedroom units, 29 two-bedroom units and 15three-bedroom units, Olson Construction said.
Amenities include a children’s playground, outdoor pool and community center.
Jackson Apartments in Rialto sell for $6.8M
Jackson Apartments, a 41-unit apartment complex in Rialto sold for $6.8 million to an unidentified investor who owns several multifamily buildings in the area, according to CBRE.
CBRE’s Cray A. Carlson represented both the buyer and seller.
“The property generated significant interest from both local and national investors and was sold within a month to an all-cash buyer, which reflects the growing demand for multifamily housing in the San Bernardino region,” said Carlson. “The Inland Empire multifamily market remains one of the strongest in California, with most properties selling quickly due to high buyer demand and low inventory.”
The 51-year-old apartments at 205-242 W. Jackson St. sit on four separate parcels and include one, two, and three-bedroom floor plans.
Rialto Village lands final tenant in pre-lease
Everytable, a grab-and-go food service, is the final tenant to lease space at the soon-to-open shopping center, Rialto Village.
NewMark Merrill Cos. broke ground on the 96,000-square-foot center in Rialto just last August.
The retail center is anchored by Sprouts, Burlington, Ulta and Five Below. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, and In-N-Out Burger. Leases also include Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental.
“Rialto Village’s strong fundamentals have attracted high-quality tenants that will expand the retail options to an underserved community, signaling the project’s long-term growth amid a challenging macroeconomic environment,” said Walter Pagel, a senior vice president at CBRE, which worked with NewMark Merrill’s Greg Giacopuzzi on leasing the center.
CBRE said the retail market in the Inland Empire remains “resilient despite inflation and macroeconomic headwinds.”
There are more than 1.2 million square feet under construction in the Inland Empire, across eight projects in the first quarter of 2023, the brokerage said. Vacancy was 6.39% in the early part of 2023, down from 6.5% from late 2022.
New Fast5Xpress Car Wash sells in Ontario for $3.5M
A new construction, single-tenant property occupied by Fast5Xpress Car Wash in Ontario sold for $3.5 million, according to Vizzda, a commercial property data provider.
Hanley Investment Group represented the seller and developer, Evergreen Development. The buyer, Monarch Manor LP in Orange, is linked to Dorothy Laub, a billionaire philanthropist in San Diego, according to Vizzda, a commercial property data provider.
Hanley said the buyer paid cash in a 1031 exchange.
The property, not far from Ontario Mills Mall, carries a 35-year absolute triple-net ground lease. Fast5Xpress has 20 locations open and operating in Southern California, with two more under development.
Week in review
In case you missed two key headlines last week, here’s a recap from staff writer Kevin Smith:
Food distributor Sysco is building an electric vehicle hub at its Riverside facility.
The hub at 15750 Meridian Parkway, part of the company’s overall goal to reducing its emissions by 27.5%, eventually will power 40 EV trucks and 40 hybrid-electric refrigerated trailers.
Equipped with 4 megawatts of battery storage and 1.5 megawatts of solar generation,it will have 40 dual-port, fast-charging stations for trucks and another 40 chargers for trailers.
Walmart is eliminating nearly 1,000 jobs at its Chino fulfillment facility, part of an overall strategy to cut back on shifts.
Juan Martinez, assistant general manager at the 1.2-million-square-foot facility at 6750 Kimball Ave., announced the company would cut 953 jobs in a March 23 notice sent to the state Employment Development Department.
Employees are being offered the option of applying for openings at other Walmart or Sam’s Club locations, management said.
In March of 2022, the Bentonville, Ark. retailer said it would hire 5,000 more tech workers and add hubs in Atlanta and Toronto, but it laid off 200 corporate employees over the summer after warning consumers had pulled back on discretionary spending amid high inflation.
The company also said it would be closing 20 underperforming stores in 11 states and Washington, D.C.
Staff writer Kevin Smith contributed to this report.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to [email protected]. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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