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11/20/18
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Deutsche Wealth Services acquired a 468.7k sf industrial warehouse in Rancho Cucamonga for $68.95 mil ($147/sf). The property, located at 9050 Hermosa Ave, was sold by TH Real Estate, an affiliate of Nuveen (the investment arm of TIAA). We’re told this was the highest price per sf sale for big box properties in the Inland Empire so far this year.
Built in 2004, 9050 Hermosa Ave is a freestanding Class A industrial building on 20.17 acres of land in the heart of the Inland Empire West. It features cross-dock loading, fully-secured concrete truck courts, gate-controlled drive-around access, ESFR sprinkler system, 104 dock-high and four ground-level loading doors, and heavy power. The property is 100% leased to Ingram Micro, a Fortune 500 company.
Jeffrey Cole, Jeff Chiate, Mike Adey, and Ed Hernandez from Cushman & Wakefield’s Capital Markets Group brokered the transaction, with Cushman & Wakefield’s Chuck Belden, and Phil Lombardo and Mike McCrary and Peter McWilliams from JLL, serving as market advisors.
“This offering presented an unrivalled opportunity to invest in the Inland Empire West, the top industrial submarket in the nation,” said Cole. “9050 Hermosa offers an exceptional core location near the intersection of Interstates 10 and 15, and just five minutes north of the Ontario International Airport.”
Chiate noted, “The market’s activity accounted for 21% of the total large transaction volume in the nation. With record low vacancy of 2.1%, asking rents have risen 16% in the past twelve months and 23% since year-end 2016. This property will benefit from the explosive long-term growth of eCommerce and its impact on the Inland Empire market with eCommerce sales projected to surpass $700 bil by 2022.”
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