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8/04/14
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Bixby Land Company purchased two contiguous industrial buildings totaling 316.2k sf of space in Rancho Cucamonga for $26.8 mil ($85/sf). OC-based CT realty was the seller.
The buildings are located at 10404 Sixth St and 10401 Seventh St, and contain 177.6k sf and 138.7k sf, respectively. CT Realty acquired the Sixth Street building during the third quarter 2012 and the Seventh Street building during third quarter 2013.
Both buildings are 100 percent leased by GiTi Tire USA Ltd, which uses the buildings for storage and distribution of automobile and truck tires. The buildings feature 62 dock-high doors with a clear height of 24 feet and truck court depth of 155 feet. CT Realty recently completed a renovation of the properties which consisted of new paving, upgrades to the sprinkler systems, improvements to the office areas and landscaping upgrades. The truck court was also re-designed to create a secure two-building campus environment for GiTi Tire with new entry points.
Located on a 14.3-acre site in the highly desirable Inland Empire West submarket, the property offers a premier location with direct access to I-15 and I-10 as well as the Ontario International Airport.
CT Realty has been actively involved in the industrial segment for the past several years, acquiring more than 6 msf of industrial space in Riverside, Ontario, Rancho Cucamonga, Fontana, Beaumont, Moreno Valley, Chino, Yorba Linda, Irvine, San Bernardino, Huntington Beach and Santa Ana, among other markets.
According to Marc Belluomini, executive vice president in charge of operations and asset management for CT Realty, “The disposition of the Rancho Cucamonga industrial buildings represents the culmination of our plan to acquire both properties and reposition them as a campus environment in keeping with our value-add opportunistic strategy. The western Inland Empire submarket remains very attractive to us and we are actively seeking additional industrial properties in similarly well-located locations.”
Darla Longo from CBRE’s Ontario office represented both CT Realty and Bixby Land Co in the transaction.
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