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9/09/14
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A 386.6k sf industrial building in Ontario sold for $23.8 mil, or $62/sf. The property was acquired by PPF Industrial LLC, an affiliate of Morgan Stanley, and was sold by CT Realty.
The asset is situated on a 5.27-acre site at 1671 Champagne Ave. It is located just east of I-15 and south of I-10 in the heart of the Inland Empire West industrial warehouse/distribution market and is served by the Union Pacific Railroad.
CT had recently inked a significant lease at the property, as Bericap LLC agreed to a five-year, $2.5 mil deal for 120.6k sf ($0.35/sf/mo) at the building. Bericap is a global manufacturer of plastic caps and closures for beverage, food and non-food products with factories in 19 countries.
Other tenants at the property include Pacific Urethane LLC with 150.2k sf and Precision Foam LLC with 115.8k sf. Pacific Urethane manufactures polyurethane foam buns to supply mattress, bedding and furniture manufacturers. Precision Foam uses the space to fabricate foam products sold in the furniture and bedding industry.
The building features 39 dock-high positions, 28-foot minimum clear height warehouse space, eight Union Pacific rail docks, 4,000 amps of power to each side of the building, 30,000-pound load levelers on each dock and abundant employee parking. CT completed a significant renovation and retrofitting program at the building after purchasing it in early 2011.
According to Marc Belluomini, executive vice president in charge of operations and asset management for CT Realty, “The sale of the Champagne building completes our repositioning strategy for this key asset. CT continues to aggressively seek large, industrial properties in the western Inland Empire and eastern Inland Empire submarkets which feature outstanding access to the combined ports of Los Angeles and Long Beach, Ontario International Airport and numerous rail offerings.”
Darla Longo, Barbara Emmons and Rebecca Perlmutter from CBRE’s Ontario office represented both CT Realty and PPF Industrial in the sale of the building. Top Gun Advisors Inc, based in Livonia, Michigan, repped Bericap in the lease transaction.
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