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3/31/17
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Tarifiq Properties purchased Sycamore Business Center, a 121.4k sf industrial property in Riverside, for $12.5 mil ($103/sf). The property was sold by KB Properties.
Located at 7350 San Gorgonio Dr, north of Allesandro Blvd and west of I-215, the property is a newly constructed project featuring warehouse buildings boasting 32’ clear height, ESFR sprinklers, a fully fenced 166’ deep concrete truck court, and 20 dock-high loading doors. It is located adjacent to I-215 and Hwy 60, with nearby access via Hwy 91 and I-10. The site also includes 2.5k sf of office space.
CBRE’s Ryan Athens and Jeff Fritch represented the buyer. The seller was repped by Finn Comer and Mario Calvillo with Lee & Associates. According to Fritch, the buyer intends to occupy the property with its affiliated company, Berry Direct, which will be able to better receive product from the ports and distribute throughout the Western United States from this location.
The Inland Empire remains one of the most dynamic industrial markets in the nation, benefiting from excellent logistics advantages, strong demand, and strong rental growth. With strong demand over the last 24 months, it is expected that net absorption will continue to be strong in 2017. CBRE Econometric Advisors forecast that the overall availability rate will increase over the next 12 months to 9.3 percent, while the overall average asking lease is expected to grow by 7.5 percent in 2017.
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