DAUM Commercial Real Estate Services has successfully completed the sale of a 256,722-square-foot industrial and office property located at 875 W. State St. in Ontario, California. The fully occupied building was sold for just over $57.1 million.
The transaction was handled by DAUM Executive Vice Presidents and Principals Eric Fikse, SIOR, and Eric Burney, SIOR, who represented the seller, IHC State LLC, a real estate developer based in Rancho Cucamonga. Fikse also procured the buyer, Santa Fe Springs-based Orden Company, a real estate investment and management firm.
“DAUM drew upon its deep expertise in the Inland Empire industrial market to source a buyer that would satisfy the seller’s requirements,” said 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.”
He added, “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.”
