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10/18/21
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Alere Property Group has purchased Saddle Ranch Business Park, a 422k sf, Class A industrial warehouse complex in Norco. The asset, which is fully leased to vitamin and nutrition company, Goli Nutrition, was sold by CapRock Partners. Terms of the purchase and sale transaction are not disclosed.
Saddle Ranch Business Park consists of four state-of-the-art buildings ranging in size from approximately 81k sf to 158k sf with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock high and grade level loading, ESFR sprinklers, ample power, large truck courts and 5.6% office space.
Saddle Ranch Business Park is located at 3300 to 3390 Horseless Carriage Dr, less than a mile from the I-15 Fwy and proximate to the SR-91, I-215, SR-60 and I-10 freeways. The asset’s position within the Inland Empire West submarket is desirable for tenants requiring efficient access to Los Angeles and Orange counties, the San Gabriel Valley and the mid-counties region. The site is near the SR-91/I-15 Interchange and proximate to North Orange County markets, as well as the Western Inland Empire cities of Ontario, Eastvale, Chino Hills, Chino, Corona and Riverside.
“Saddle Ranch Business Park is a well-designed and uniquely positioned asset within the Inland Empire West, and is a strategic acquisition for Alere,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Demand for modern industrial space in the Norco/Corona submarket is supported by its accessibility to Orange County. The recently completed property, which is located along the I-15 freeway and near a major logistics interchange, complements Alere’s approach and is an excellent addition to our portfolio of high-quality industrial assets.”
Combined, the cities of Norco and Corona make up a key distribution infill market with limited remaining developable land. It offers close access to rail lines and airports including the Ontario International Airport and Los Angeles International Airport. According to CBRE, rising rental rates in Orange County are driving industrial warehouse demand to Norco/Corona as a lower cost alternative market. The submarket also offers multiple amenities and has strong corporate neighbors.
Goli Nutrition uses Saddle Ranch Business Park for its corporate headquarters and the manufacturing and distribution of its products. The tenant has invested significant capital to customize the buildings for its product manufacturing and has installed a high-end cafeteria and commercial grade kitchen, among other improvements.
CBRE represented Alere and CapRock and in the transaction, led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart with Lee and Associates consulted on the deal.
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