IRVINE/INLAND EMPIRE, Calif. – November 27, 2017 – DTM Land Co, LLC, an auto dealership operator, has acquired two separate properties along S. Highland Ave. in Fontana (San Bernardino County), California from Bonanno Family Trust. The undeveloped parcels total a combined nearly 12 acres of vacant land and sold for $7.7 million. They are positioned within the Fontana Auto Center Overlay District, which is dedicated to the development and operation of automobile sales.
The pair of properties consist of a 6.77 acre parcel at the northwest corner of Highland and Sierra avenues that sold for $4.4 million and a 5.188 acre parcel just a few blocks over at the northeast corner of Highland and Citrus avenues that sold for $3 million. Brett Swartzbaugh and Tim Pimentel of Cushman & Wakefield’s Irvine and Inland Empire offices represented the seller in both transactions. The tandem also represented the buyer in the 5.188 acre site sale.
Mr. Swartzbaugh said, “Since the Great Recession of 2008, the auto dealership marketplace has undergone significant changes as dealership franchises consolidated focusing on land site efficiencies. Identifying suitable purchase candidates for these two land sites required extended time as well as patience, and we are extremely pleased with this successful outcome and wish the buyer all the best with the ultimate development of these great pieces of real estate.”
Considered prime auto locations as part of the renowned Inland Empire, the properties are set amidst multiple big-name brand car dealerships, and provide exceptional freeway visibility and accessibility from Highway 210. Interstates 15 and 215 and the historic Route 66 are all also proximate. The surrounding area is largely residential neighborhoods with shopping centers and major retailers to include big box, grocery, dining, shops, and fitness tenants also conveniently nearby.
With these two recent land closings, Mr. Swartzbaugh and Mr. Pimentel now have just one undeveloped site(s) remaining for sale along Highland Ave. through Bonanno Family Trust consisting of seven parcels ranging from 2.75 up to 8.25 contiguous acres—a separate local ownership owns one of the available acres. Located across the street from the recently sold 5.188 acre parcel, zoning on the available site(s) allows a variety of retail, auto sales, hotel and or senior housing.
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