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5/27/14
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In a big Inland Empire industrial buy, Newport Beach-based Alere Property Group has acquired a newly constructed 592.7k sf logistics facility in San Bernardino. The property, located at 701 S. Arrowhead Ave, east of I-215 and north of I-10, fetched $34.4 mil, or about $58/sf.
Among its high-capacity elements, the new facility features 106 dock-high and four ground-level loading doors with cross-dock loading capability and secured parking for 216 semi-trailers. The building also includes a flex/office component of 2.3k sf on two levels and parking for 320 automobiles.
Adjacent to I-215, the building has nearby access to I-15 and the Pomona (60), Riverside (91), and San Bernardino (10) freeways. It also has direct access to the ports of Los Angeles and Long Beach and to Ontario International Airport.
Colliers Senior Executive Vice President Kevin McKenna represented Alere in the transaction and also was appointed the exclusive leasing broker for the property. He will be joined on the listing by CBRE’s Walt Arrington and Jeff Linden.
According to McKenna, demand for buildings in this size range – 500k sf and up -- has surged during the economic recovery, especially among e-commerce companies and retailers who have witnessed unprecedented growth in online purchasing. Amazon, among other e-commerce and major national retailers, recently occupied a major distribution center along the same corridor where the building is located.
“While this is a perfect location for any distribution operation, it is especially ideal for e-commerce companies that require high-volume, high-speed logistics support,” McKenna said. “It has the loading, warehousing and distribution capacity to receive, store and ship products from Point A to Point B and into the hands of consumers very, very quickly.”
In addition to Amazon, other major companies that are located along the same corridor are Hewlett-Packard, Home Depot, Kohls, Mattel, Pepsi, Smuckers, Becton Dickinson, FedEx, Kohler, Michelin, Pactiv Corporation, Pep Boys, Spectrum Brands, Stater Brothers, and Unilever.
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