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December 11, 2017
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INLAND EMPIRE NEWS
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Partners Capital Spends $8.65 Mil on Inland Empire Industrial Building

8/30/17

Partners Capital has acquired a 92k sf industrial building in San Bernardino for $8.65 mil ($94/sf). The purchase is part of a 1031 Exchange transaction following the disposition of two brick-and-mortar retail assets in San Francisco and Las Vegas.

The building is located at 535 E. Tennis Court Lane, with direct access to truck routes I -215, I-15 and I-10. It is 100% leased to NY-based auto parts distributor Parts Authority as its West Coast distribution hub. Corporate neighbors include Amazon, Kohl’s, Pep Boys, Stater Brothers, Mattell, Pepsi Co, Pactiv, Kohler, and Burlington Coat Factory, which all operate warehouse and distribution centers.

“We see investment in industrial as a strategic retail play,” said Partner Capital Vice President of Acquisitions Mark Blumenthal. “E-commerce is still in its infancy. Going forward, there will be even greater demand for well-located distribution and fulfillment centers as millennials who make more than half of their purchases online, begin to outnumber baby boomers,” he said.

“The market is extremely tight for small to mid-cap retailers who want to lease or own their own buildings,” added Bobby Khorshidi President of Partners Capital. “Much of the new inventory being built is targeting multi-national retailers with space requirements of 300k sf or larger. This has created an attractive investment opportunity.”

Remington Moses, a principal of Lee and Associates in the firm’s Gardena office, represented Partners Capital in the transaction. Guss Andros, executive vice president in Daum Commercial’s Ontario office, represented the seller, Savvy Intellect LLC.





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