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MASTER DEVELOPMENT CORPORATION LEASES 269,000 SQUARE FEET AT THOROUGHBRED BUSINESS PARK IN ONTARIO

ONTARIO, Calif. (July 29, 2009) – Newport Beach, Calif. - based Master Development Corporation (MDC), the managing member of Ontario Two, LLC, has secured a six-year lease valued at $3.5 million in Phase II of its Thoroughbred Business Park, a two million square-foot industrial park located in Ontario, Calif. The lease is for approximately 269,000 square feet of industrial space in a building formerly occupied by The Sharper Image.

An undisclosed tenant will be using this building, located at 1545 E. Locust Street, as its West Coast distribution facility.

“The lessee negotiated a very advantageous rental rate at this property,” explained Phil Lombardo of Cushman & Wakefield of California, Inc, who represented the tenant in the transaction. “However, MDC enjoyed the benefits of a rapid lease commencement and relatively minor tenant improvements.”

“This lease was secured and signed at lightning quick speed, which speaks volumes to the quality of this building and our ability to negotiate a letter of intent and finalize a lease,” explained Bryan Bentrott, executive vice president for MDC.

Thoroughbred Business Park consists of 11 dock-high industrial buildings totaling two million square feet. The project is a joint venture between MDC, the landowner, The Johnson Trust and a large midwestern pension trust. Thoroughbred Business Park is located just north of the 60 freeway and is bordered by Mission Avenue to the north and East Francis Street to the south.

The current tenants at Thoroughbred Business Park include Coastal Pacific Food Distributors, Fresh Start Bakeries and Westside Packaging.

Michael Chavez and Vince Anthony of Lee & Associates’ Ontario office represented the landlord, Ontario Two, LLC, in the transaction. Vince Manchee and Phil Lombardo of Cushman and Wakefield represented the undisclosed tenant. Chavez and Anthony of Lee & Associates are currently handling the marketing of a 152,300 square-foot building at Thoroughbred Business Park.