ONTARIO, Calif – June 4, 2015 – Capitalizing on a rare opportunity, Westcore Properties recently secured a 284,559-square-foot, industrial facility in Ontario, California from Shiekh Elahi, owner of Shiekh Shoes, for $25.5 million by acting quickly and negotiating a deal before the building officially went on the market.
Located at 1777 South Vintage Avenue and built in 1988, the building is located within the well-established Heritage Oaks industrial park. This is an off-market, leaseback transaction in which Shiekh Shoes has signed a seven-year lease with its new landlord, Westcore Properties. Shiekh Shoes is the only tenant in this location and has owned the building within the industrial park since 2012. The shoe distributor has nearly 150 stores throughout the United States, as well as an online fulfillment center located within the subject property.
“This asset has been institutionally owned and managed since being built in 1988. It is rare to find an off-market opportunity in such a sought after market, which is why we moved so quickly to secure the deal,” said Hack Adams, senior vice president of acquisitions and leasing. “The building is extremely functional and has been historically well-occupied.”
In this transaction, Westcore Properties and Shiekh Shoes were both represented by Joe Ingrin with NAI Capital.