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9/12/14
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First Industrial Acquisitions Inc, out of Chicago, paid $9.98 mil for a Class A, 225.5k sf ($44/sf) warehouse/distribution building in Moreno Valley. The building is located at 16875 Heacock St, on the grounds of the March Air Reserve Base within the larger airport-related development known as the March Inland Port.
The property was sold by CT Realty who, in June 2013 signed a five-year, $3.7 mil lease agreement with DDI Distributions Inc. DDI Distributions provides warehouse and distribution services and currently leases 100 percent of the building.
Located on a 14-acre site, the Heacock facility features 32 dock doors (all with full dock packages), 32-foot minimum clear height, 190-foot concrete truck courts, 142 trailer parking stalls and ESFR sprinkler systems. The property sits on the east side of the air base across the street from a large Lowe’s facility.
“Heacock is a great example of our investment strategy in large industrial properties that service the logistics industry in Southern California,” said Marc Belluomini, executive vice president in charge of operations and asset management for CT Realty. “Investment opportunities for large distribution properties, especially as they support the twin ports of Los Angeles and Long Beach, are of primary interest to CT. Moreover, we have a long history in the Inland Empire and will continue to seek outstanding investment and development opportunities in the region.”
CT Realty and First Industrial Acquisitions were represented in the sale of the Heacock property by Jeff Chiate, Jeff Cole and Ed Hernandez, all with the Irvine office of Cushman & Wakefield.
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