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9/19/18
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A newly developed, 154.5k sf industrial warehouse building in San Bernardino has sold for $18.23 mil ($118/sf). The building, located at 2705 Lexington Ave, north of the 210 Fwy and just west of I-215, was purchased by a global consumer products company that plans to use the property for its own operational and distribution needs.
The facility features 2.2k sf of high-quality office space, an ESFR fire sprinkler system, a secured fully-concrete truck court, and ample electrical service of 1,200 amps. It was sold by a partnership between Hartford, CT-based Penwood Select Industrial Partners III L.P., and Newport Beach-based Shaw Development Partners LLC.
Frank Geraci, Juan Gutierrez and Adam Geiger of Voit Commercial Real Estate Services represented the seller in the deal. Voit represented the Shaw/Penwood partnership in the 2015 acquisition of the property, which consisted of a vacant 197k sf industrial manufacturing building on 7.59 acres, together with an adjacent 7.12-acre parcel of vacant land on which the subject building was entitled and developed.
“The opportunity in that original acquisition was clear - secure a long-term lease for the existing building and elevate the vacant land to its highest and best use by bringing an in-demand product to market,” explains Geraci. “As extremely sophisticated owners and operators, Shaw and Penwood developed the state-of-the-art asset from the ground-up, which offers the functionality and design that today’s buyers and tenants are seeking.”
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