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12/17/18
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Chino Hills Commerce Center, a 100.3k sf, Class A industrial facility in Chino Hills, was acquired by TP-Link USA Corporation for $15.9 mil ($158/sf). TP-Link, a leading provider of consumer networking products, which include routers, range extenders, switches, and network adapters, plans to move into the space immediately and is relocating and expanding from its current Brea.
The facility is located at 15292 Fairfield Ranch Rd, just east of the 71 Fwy by Central Ave. The asset was sold by its developer, San Francisco-based Newcastle Partners, who completed construction of the facility in November 2018.
The property is situated on a 4.87-acre site and features more than 5.3k sf of two-story office space, 32’ warehouse clearance, an ESFR sprinkler system, 10 dock-high loading doors, one grade-level door, 118 auto parking spaces, and a secured truck court and yard area. It is near the 71 freeway on/off ramp at Central Ave to the south and Chino Hills Parkway to the north providing easy access to the 71, 60 and 91 freeways.
“The building made sense for TP Link to help centralize its operations in the Inland Empire and provided the company with a solid long-term investment opportunity,” said Jackson Smith, Partner with Newcastle Partners.
“While we all know that some sort of correction is inevitable, we believe we have at least a couple more years of runway when it comes to the strength of the Inland Empire industrial market,” said Dennis Higgs, Managing Partner with Newcastle Partners. “A 1.8% vacancy rate is as tight as we’ve ever seen.”
David Consani and Jim Koenig with CBRE represented Newcastle Partners. The buyer was repped by Brian Bennett of Kidder Mathews.
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