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December 11, 2017
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INLAND EMPIRE NEWS
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Two Inland Empire Industrial Properties Sell in Separate Deals that Total Over $13 Mil

8/15/17

We’ve got two recent industrial acquisitions in the Inland Empire to report. The transactions encompassed a combined 112.7k sf and totaled about $13.1 mil in deal value. DAUM Commercial’s Chris Migliori represented the buyers in both purchases.

1320 West Mission Blvd, Ontario
1320 West Mission Blvd, Ontario
In one of the deals, Excel Business Park LLC, a Corona-based real estate developer, paid $7.5 mil for a 68.4k sf ($110/sf) building in Corona. The building is located on a 157.3k sf lot at 1228 Sherborn St. It features six dock-high loading doors, 2,000 amps of power, and a fully installed, high-pile racking system, as well as convenient access to the I-15 and State Route 91.

The property, which was recently vacated by a furniture distribution company, is currently 100% vacant. The buyer plans to complete interior and exterior upgrades to the building, which was sold by Newport Trading LLC.

In the other transaction, a manufacturer of vitamins and supplements paid $5.6 mil for a 44.3k sf ($126/sf) warehouse property in Ontario. The buyer will occupy the entire property, which is located at 1320 West Mission Blvd.

The building sits on 1.83 acres and features 30’ warehouse clearance, four dock-high loading doors, one ground-level door, and 4.5k sf of office space. The seller, regional developer Mission XC LLC, was represented by Henry Hong and Michael Lee of Lee & Associates.

“Despite a record level of new industrial construction in the Inland Empire, vacancy rates in the region are expected to remain in the 4% range. Demand continues to exceed supply,” explains Migliori. “Smaller industrial buildings in the 40k sf to 60k sf range have vacancies below 2.5%. Increasing land values and construction costs are driving up rents and sale prices.”

Migliori notes that small-size warehouses can be double the cost-per-square-foot to build, resulting in tremendous competition for existing product.





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