Buyers Plan Industrial, Medical Projects

RANCHO CUCAMONGA, CA-The buyer of an 8.4-acre parcel plans a 195,000-sf industrial development while the buyer of a restaurant site will turn it into a medical office building.

Dan Richards, president of Coldwell Banker Commercial Inland Empire, tells GlobeSt.com that Ridge Realty Group LLC of Orange County bought the 8.4 acres of undeveloped land at Santa Anita Avenue and Fourth Street from Quantum Development of San Bernardino County for about $1.6 million and plans to construct a single, 195,000-sf speculative industrial project at the site.

Richards represented the seller of the 8.4 acres, with Jim Panting of Commercial Realty Advisors in Ontario negotiating the deal for the buyer. Richards says construction has just begun.

In the other transaction, a local plastic surgeon bought the 5,000-sf Gina’s Restaurant & Lounge along Foothill Boulevard for $720,000 from the eatery’s Upland-based owner and is going to remake it into medical offices. Richards bargained for the seller. Alex Naghibi of US Residential Realty in Walnut represented the buyer.