Smart & Final Leases; Note Buyer Takes Title

FONTANA, CA-A food retailer’s 350,000-square-foot lease and a buyer’s acquisition of 400,000 square feet via a note purchase underscore the appeal of the Inland Empire region’s industrial space. In the former deal, Watson Land Co. leased a 350,000-square-foot industrial facility within Watson Commerce Center Fontana to Smart & Final. In the other, the Los Angeles-based Magellan Group acquired two industrial buildings in the Hunter Business Park in Riverside, including a 300,000-square-foot manufacturing facility that is the former Lily-Tulip Cup plant.

The Smart & Final facility sits on nearly 18 acres at 13055 S. Valley Blvd. in Fontana. It will accommodate the warehousing and distribution needs for all of the food retailer’s Southern California stores, which include Smart & Final and Henry’s Markets. The 92-month lease is valued at approximately $11.5 million.