INLAND EMPIRE, Calif. – H.G. Fenton Investment Company (FICO) has entered into an equity joint venture with RDP Development and DWO Enterprises for the land acquisition and development of a 210,000-square-foot commercial project located in the City of Chino Hills.
FICO has invested $8.1 million of equity in the project, to be called Heritage Professional Center. The 20-acre development area is located on Pomona Rincon Road and the entire site benefits from extensive freeway frontage along the State Route 71 (Chino Valley Freeway).
Preliminary plans for the Center provide for 150,000 square feet of for-sale general/medical office space and 60,000 square feet of retail space. Project costs are estimated at $52.2 million.
According to Marc Iacono, director of FICO, strong levels of residential development in the Inland Empire over the last six years is driving above average demand for commercial space. “Heritage Professional Center is located in one of the fastest-growing portions of the Inland Empire and the area’s population reflects a large and diverse workforce that is creating a need for convenient and quality places for employers and their employees to conduct business,” he said.
“Our partnership with RDP Development and DWO Enterprises is representative of our ongoing commitment to investing with proven developers who share our values,” Iacono said. “Our continued expansion outside of San Diego County allows us to further grow our business by investing in fundamentally strong markets like the Inland Empire.”
Founded in San Diego in 1906, H.G. Fenton Company enters its second century of service providing quality places for people to live and work. The organization today manages investments of roughly $60 million in various residential and commercial developments in Southern California. H.G. Fenton also manages an active development pipeline of land and commercial projects, over 3 million square feet of office and industrial space and 11 apartment communities totaling 2,800 homes to meet its customers’ current and future needs.
H.G. Fenton Company is headquartered in San Diego at 7577 Mission Valley Road, San Diego, Calif., 92108. The company website is www.hgfenton.com. For investment opportunities please contact Marc Iacono at (619) 400-0173.