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1/21/20
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Rexford Industrial Realty Inc acquired Pomona Distribution Center, a 751.5k sf infill industrial building in Pomona, for $87.8 mil, or $117/sf. The multi-tenant, industrial facility, located at 1601 W. Mission Blvd, was sold by Prologis Inc.
Pomona Distribution Center is part of Prologis’ Mission-71 Business Park development. It features a gated truck court, 20’ clear height, 84 dock-high loading doors, partial ESFR sprinklers, and 4,000-amp power on a 32.2-acre site. The rectangular-shaped building offers access on three sides and dock-high loading positions on all four sides.
The property sits on the border of Los Angeles and San Bernardino County, with immediate access to the SR-71 Freeway and immediate connections to Interstate 10 and the 57 Freeway. Pomona Distribution Center is 100% leased to Lumber Liquidators, the largest specialty retailer of hardwood flooring in the country, and HD Supply, one of the largest industrial distributors in North America.
Jeff Chiate, Jeffrey Cole, Mike Adey, and Ed Hernandez from Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented Prologis in the transaction, with Phil Lombardo and Ty Newland from the firm serving as market advisors. As of third quarter 2019, market fundamentals remain strong in the San Gabriel Valley and the Inland Empire West markets with vacancy rates of 1.4% and 2.6%, respectively, according to Cushman & Wakefield Research.
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