Fontana Land Prices Rising, Broker Says
A 10-acre parcel in Fontana, approved for a 344-unit senior citizen apartment complex, which sold for $1.6 million, illustrates the changes in Inland Empire land prices, according to Bruce Hanes, president of the Hanes Co. Inc.
The Hanes Co. represented both the seller, Old American Capital, Los Angeles, and the buyer, Tatco Construction, Los Angeles. The property is located at the southeast corner of Foothill Boulevard and Palmetto Street.
Hanes said an equivalent property in Anaheim today would sell for about $11.7 million. Four years ago, the Fontana property would have sold for about $835,000, and the equivalent property in Anaheim would have sold for about $7.5 million.