The Irvine-based Lusk Co. has purchased a majority interest in the 1,855-acre California Commerce Center in Ontario and its operating master development partnership, Ontario Industrial Partners.
Lusk purchased the interest formerly held by STA II, a joint venture of Hillman Properties, Donald W. Shaw and Milton Gottlieb.
The $250-million project will have a value of about $1.5 billion upon its completion in the mid-1990s, according to Lusk President Donavan D. Huennekens. He added that Shaw, a Newport Beach-based real estate developer, will continue to have an interest in Ontario Industrial Partners.
Located adjacent to Ontario International Airport, the center is part of the Port of Long Beach Foreign Trade Zone. Huennekens said about 700 acres have been sold in the center, with 6 million square feet of buildings already completed.