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2/19/16
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Industrial Properties Trust (IPT) paid $27.9 mil for a 331.5k sf ($84/sf) industrial property in San Bernardino, in a sale/leaseback deal. The building includes 34k sf of office space in addition to its distribution and warehouse area.
The facility, situated on a 36-acre site at 4472 Georgia Blvd, serves as a regional logistics center for McLane Suneast Inc, one of the nation’s largest distribution companies. McLane will continue to occupy the building for at least another five years, according to terms of the transaction.
Colliers’ Senior Vice President Mark Zorn and Executive Managing Director Bret Hardy represented IPT in the transaction. Colliers’ Zorn and Executive Managing Director Rick Putnam repped McLane, a wholly owned subsidiary of Berkshire Hathaway.
“The sale and leaseback will serve both companies well,” said Zorn. “McLane, which has regional distribution centers throughout the country, can expand and modernize its regional distribution network with the cash raised from the sale and IPT adds a strategic industrial property that fits well within its portfolio of investment properties.”
McLane focuses on grocery and food service supply chain solutions, delivering more than 50,000 products to nearly 90,000 mass merchants, chain restaurants, convenience stores, drug stores, military locations and more throughout the U.S.
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