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11/07/19
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In news of a major industrial acquisition out of the Inland Empire, Bridge Development Partners has purchased Fourth Street Distribution Center, a 1.43 msf distribution/fulfillment center and a 23.2k sf retail building in Rancho Cucamonga, for $191.1 mil.
Originally developed in 1984, Fourth Street Distribution Center sits on over 91 acres at 12434 Fourth St, within the Inland Empire West (IEW) Industrial submarket, an infill market that is one of the most active in the U.S., and within a 60-mile radius of more than 17.1 million people. The IEW submarket boasts exceptional access to all points throughout the Los Angeles basin and the greater Southwestern U.S. via its expansive transportation network, which continues to drive logistics demand.
Fourth Street Distribution Center is within 61 miles of both the Ports of Los Angeles and Long Beach, the nation’s largest and busiest container port complex where 40% of cargo from overseas enters the United States. It is also just 16 miles from the San Bernardino B.N.S.F Intermodal Yard and is proximate to three airports.
Mark Detmer, Bo Mills, Ryan Sitov, Sharon Wortmann, Mike McCrary and Peter McWilliams with JLL represented the seller, West Coast Liquidators Inc. Additionally, working on behalf of the new owner, Brian Torp, Kevin MacKenzie and Brian Halpern with JLL placed the $200 mil, three-year, floating-rate bridge loan with an institutional advisor. JLL also was awarded the leasing assignment for the property.
“With a 2.3% vacancy and only 10.9 msf of space under construction in the Inland Empire West, the submarket is poised for another robust year of absorption and continued rising rents,” said McWilliams, who leads the team now representing Bridge Development Partners in the leasing assignment. “Further, the IEW submarket fundamentals are exceptionally strong with user demand outstripping availabilities in the 1 msf large box segment. The project is ideally positioned to capture this demand given the central location and features users are seeking in today’s market.”
According to a recent JLL Industrial Insight Report on the Inland Empire, total net absorption is again paced to exceed 20 msf by year-end 2019, and developers are racing to clear planning and construction hurdles to meet ongoing demand.
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