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12/01/17
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In San Bernardino, Westcore Properties has acquired Northgate Industrial Portfolio, a two-building, 1.025 msf Class A industrial asset. The distribution buildings, situated on over 44 acres at 927 East 9th St and 7776 East Tippecanoe Ave, were sold by Bentall Kennedy, on behalf of an institutional client.
Built in 2009, Northgate Industrial Portfolio consists of two modern, single-tenant industrial facilities leased to two strong credit distribution tenants. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30’ clear heights, and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10 as well as nearby State Route 210. Additionally, the BNSF Intermodal Rail Facility is located within 3 miles while the San Bernardino County airport is just one mile away.
Cushman & Wakefield’s Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano, and Bryce Aberg represented the seller in the disposition along with Phil Lombardo and Chuck Belden of the firm’s Inland Empire office. Westcore represented itself in the transaction.
Mr. Chiate, executive managing director, said, “Market fundamentals remain exceedingly strong in the Inland Empire with robust leasing activity of 33.6 msf (on pace to surpass 2015’s record-breaking year) that has resulted in net absorption of nearly 15 msf through the third quarter of 2017,” noted Chiate. “The Inland Empire is one of the strongest industrial markets in the nation, with rents up almost 15 percent this year and with the expectation of continued superior fundamental performance.”
Cole added, “The Inland Empire industrial market continues to benefit from growth of E-Commerce and record volumes experienced at the Ports of Los Angeles and Long Beach. The eastern portion of the county leads the region in both leasing activity and absorption for industrial properties.”
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