DAUM REPRESENTS DW DEVELOPMENT IN A $24 MILLION LEASE BUILD-TO-SUIT WITH THE STATE OF CALIFORNIA IN FONTANA, CASep 10, 2013
DAUM Commercial Real Estate Services announced today that it represented DW Development of Beverly Hills, CA in the leasing of a 7,400 square foot build-to-suit building on approximately 6 acres of land in Fontana, CA. The 20-year lease (10 years of initial term with a 10 year extension) is with the State of California and will serve as a DMV Commercial Driving Licensing Facility, specifically for commercial testing. There are currently only four of these DMV CDL test-only facilities in the state. The state estimates that the site will serve approximately 12,000 commercial driving tests per year and the new Fontana site will serve the Inland Empire region. The total consideration of the lease was approximately $24 million.
Darrell Hale, Lee Spence and Mark Lyon of DAUM’s Inland Empire office represented the lessor, DW Development, while Phil Woodford and Bill Bacon of CBRE represented the tenant, the State of California, in the transaction. The property is located at The Fontana Transportation Center, which is a new /-25 acre commercial development on the 10 Freeway near the Citrus Avenue exit in Fontana, CA.
The remaining portion of the development is expected to accommodate a variety of truck and vehicle related services and is being marketed DAUM. The new DMV Commercial Licensing Facility is scheduled to break ground in the 4th quarter of 2013, with an anticipated lease commencement scheduled for October 1, 2014.
DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 9 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent over 50 independent commercial real estate brokerages, with more than 2,200 associates, in over 170 offices throughout 32 countries. In 2007 ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.com.