|Mountain View Industrial Center, a 327.1k sf Class A warehouse/distribution project located in the Inland Empire city of Redlands, was acquired by Industrial Income Trust. The property was sold by Canyon Capital Realty Advisors. Although the price was not disclosed, industry pros we talked to estimate the property sold for around $21 mil, which would divide out to around $64/sf.
Built in 2008, the property is located at 1450 Mountain View Ave, 2456 Lugonia Ave and 2466 Lugoina Ave, on the north side of the 10 Fwy. Major tenants include Iron Mountain and Stater Bros, who occupy a combined 59% of the project.
Jeffrey Cole, Jeff Chiate, Michael Ma, David Hasbrouck, Ed Hernandez and Phil Lombardo of Cushman & Wakefield’s Capital Markets Group represented Canyon Capital Realty Advisors in the sale. Industrial Income Trust handled their side on the negotiations in-house.
Commenting on the transaction, Cole pointed out, “Industrial Income Trust understood that Mountain View Industrial Center’s newer, state-of-the-art industrial buildings would be able to attract discriminating users needing high clearance, ESFR and spacious yards well into the future.”