Sales  ·  Industrial

Curry and Ramen Distributor Buys Inland Empire Warehouse for $56M

Winsford sold the 106,072-square-foot property in the city of Ontario

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A relatively small owner-occupied warehouse in Southern California’s Inland Empire has drawn a big sales price and a spicy new owner.

The Winsford Corporation sold the 106,072-square-foot property in the city of Ontario to Ottogi America, which distributes curry, ramen, noodles, sauces and other Korean food products. The property sold for $56 million, or a whopping $528 per square foot, according to data provided by Vizzda. The deal closed Aug. 15.

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The warehouse was built in 1989 over 7 acres at 1933 Locust Street, at the southeast corner of Vineyard Avenue and Mission Boulevard. The deal follows several other major acquisitions and leases in Ontario, which has seen perhaps the most activity in the region this year in terms of industrial real estate.

Ontario is home to more than 116.3 million square feet of industrial space — equal to 17.5 percent of the entire Inland Empire market — and has a vacancy rate of under 1 percent, according to Kidder Matthews’ second-quarter market report. Earlier this year, Amazon signed a 4.1 million-square-foot lease in Ontario for what will be its largest warehouse in the nation. And Home Depot is set to occupy a 1.1 million-square-foot structure in the master-planned Ontario Ranch community, which is near distribution centers for major companies like Walmart, FedEx and Kenco.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.