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August 3, 2020
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Fontana Industrial Facility Trades for $213 Mil


Sierra Pacific Center, a two-building, 1.5 msf, Class A+ industrial facility in Fontana, has just traded hands in a transaction priced at $213.5 mil, or $142/sf. The buyer was an institutional life insurance company. We’re told this deal is the largest non-portfolio industrial property disposition in California over the past 24 months.

Completed in 2016, Sierra Pacific Center is adjacent to I-210 and within a 20-mile radius of seven major freeways. The property, located at 5565 and 5885 Sierra Ave, is fully leased to LG Electronics and FedEx. It is one of the first ground-up developments completed by Pacific Industrial, the seller in this deal.

Unique features built into the property include three percent skylight coverage delivering 50% more natural light than the industry standard of two percent; electric vehicle charging stations; and extremely large, 100% concrete truck courts with depths up to 430 feet. Average truck court depth in a Class A industrial facility is 185 feet.

According to Dan Floriani, Partner and Co-Founder of Pacific Industrial, the firm developed the facility with a long-term-hold mindset, resulting in a property with a proven track record of attracting major credit tenants who value best-in-class, Class A+ features. Pacific Industrial developed the asset in partnership with an international institutional investor.

“We had the opportunity to sell this 1.5 msf property at a record cap rate of 3.68%, and we are simultaneously developing 1.5 msf of new best-in-class industrial properties in other Southern California markets,” says Floriani.

Jeff Chiate with Cushman & Wakefield’s National Industrial Advisory Group represented Pacific Industrial in the disposition. “The Inland Empire West market posted the most lease transactions above 500k sf in the nation last year,” noted Chiate. “Market fundamentals in this region continue to be exceedingly strong, with vacancy rates at a record-low 2%.

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