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7/18/19
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Lincoln Property Company has purchased a 745.6k sf industrial portfolio in Rancho Cucamonga for $104.6 mil ($140/sf). The assets were sold by Colony Capital Inc.
The portfolio consists of four sites, located at 11600 Millennium Court, 8250 Milliken Ave and and 9160 Buffalo Ave in Rancho Cucamonga, and 4850 East Airport Dr in Ontario. The buildings are 100% leased to five tenants, including XT Green Inc, Carpenter Technology Corp, Pinole Valley Trucking Inc, THMX Holdings LLC and ConAgra Foods Inc.
Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter, Eric Cox, Len Santoro, David Consani and Jim Koenig of CBRE represented the seller in the transaction. The buyer repped itself in the deal, which closed at the end of June.
“These properties are strategically located in the highly desirable Inland Empire West, with excellent access to multiple transportation routes serving Southern California and the Western U.S. region,” said Perrier. “We marketed the portfolio as a whole, and we offered the ability to bid on each building individually. Ultimately, we sold it as one, due to the strength of the entire portfolio."
The Inland Empire remains one of the most dynamic industrial markets in the nation and shows no signs of deaccelerations, according to CBRE research. New big-box industrial facilities drew strong interest from e-commerce users in Q1, while smaller product under 300k sf was popular among logistics companies and other supporting industries. Overall, expectations for the industrial market for the remainder of 2019 are high with occupancy gains and rental growth projections on par with the previous year.
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