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9/12/14
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Airport Distribution Center, a 221.2k sf industrial park in the Inland Empire, was purchased by Guthrie Development Company, along with a private equity partner. The park is comprised of three buildings with 30 units located at 1500, 1550, and 1590 Milliken Ave in the city of Ontario.
Although the final sales price was not disclosed, Inland Empire pros we talked to estimate that the deal probably came in around $20 mil or just over. That price works out to around $90/sf.
Constructed in 2000, the Class A, multi-tenant property is 93 percent leased. It features small dock high, multi-tenant spaces, concrete tilt-up construction, dock-high loading, 26.6k sf of office build out, and fire sprinkler and life safety systems. Unit sizes range from 6.3k sf to 9k sf. The park currently houses 28 tenants.
“This property provides an excellent opportunity for our firm and joint venture partner to build its Inland Empire industrial portfolio. We’ve historically focused on coastal markets, but feel the time is right to take advantage of the strength of the Inland Empire industrial market. Specifically, this property fits our strategy of selling individual units as condominiums to the small industrial users,” says Rob Guthrie, president, Guthrie Development Company.
Barbara Emmons, Darla Longo, and Michael Kendall of CBRE represented the seller, Panattoni Development Company. Emmons notes that the property has all the right characteristics for today’s users. “The property has been able to attract quality tenants due to its excellent location, dock high and grade level loading and attractive office space. Dock high loading functionality is very rare at competing properties with similar unit sizes,”
For Guthrie the acquisition is part of a wider investment strategy targeting acquisition of Southern California industrial properties from $20 to $50 mil as part of a new relationship with a well-capitalized private equity fund with an over $1 bil recent fund raise.
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