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6/11/14
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Industrial Property Trust Inc (IPT) paid $19.95 mil for Rialto Distribution Center, a 247.2k sf ($81/sf), Class A distribution center in Rialto. The property, located at 181 South Larch Ave, just north of I-10, was sold by Thackeray Partners. Completed in 2009, the facility is 100 percent leased to Bissell Inc.
IPT is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers. IPT's core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs.
Formed in 2005, Thackeray Partners invests in real estate through a series of private equity funds. Since inception, Thackeray has closed or committed to transactions totaling more than $2 bil, representing equity placements of approximately $600 mil. Total investment activity includes 146 separate transactions representing more than 14,000 apartment units, almost 10.6 msf of industrial space and just under 4.4 msf of retail space.
HFF senior managing directors Anthony Brent and Brett Tremaine and managing director Ryan Martin Represented the seller in this transaction.
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