$15.9 Million Building Helps Food Manufacturer Expand in Rialto
Sale helps local food manufacturer, Magnolia Foods, expand its presence in the Inland Empire
New facility will bring approximately 75 new jobs to the local community
Rialto, Calif. – Sale of a newly constructed, 120,576 square-foot freestanding industrial facility in Rialto, California, for $15.9 million. The property was purchased by 1450 Alder Avenue, LLC which then leased out the property to its affiliate Magnolia Foods, a Mira Loma-based manufacturer and distributor of high-quality food products that is expanding its presence in the Inland Empire with this acquisition.
Voit Real Estate Services directed the sale by Walt Chenoweth and Sean Sullivan, both of represented the buyer in the transaction. Voit Real Estate Services’ Juan Gutierrez, Frank Geraci, and Adam Geiger represented the seller, Compass Danbe Real Estate Partners LLC, a leading investment and management advisor and also an active developer in the Inland Empire market.
The property was purchased by 1450 Alder Avenue, LLC which then leased out the property to its affiliate Magnolia Foods, a Mira Loma-based manufacturer and distributor of high-quality food products that is expanding its presence in the Inland Empire with this acquisition. Walt Chenoweth and Sean Sullivan, both of Voit Real Estate Services, represented the buyer in the transaction.
“The Inland Empire industrial market is extremely active, with approximately 25.8 million square feet of industrial product under development at the start of 2019,” says Gutierrez. “In spite of these new deliveries, there continues to be a tremendous lack of quality for-sale industrial product in the 100,000 to 200,000 square-foot size range. Compass Danbe is addressing this need in the market by developing more than five ground-up industrial properties in Rialto.”
Voit represented Compass Danbe Real Estate Partners LLC in the acquisition of more than 15 acres of land over the past 24 months and is now the exclusive agent for each property’s lease or sale.
“The City of Rialto’s commitment to infrastructure and support of the industrial sector makes it an excellent location for owner-users, tenants and investors,” says Mark Bachli, Principal and Co-Founder of Compass Danbe Real Estate Partners LLC. “For this reason, we continue to invest heavily in this particular area and plan to bring numerous Class A industrial properties in the 70,000 square foot to 120,000 square foot size range to market during 2019 and 2020.”
Situated in a newly developed business park within the Renaissance master-planned development of Rialto, the building offers immediate access to I-210 freeway, and is close to the 210/15 freeway interchange, which allows excellent East West and North South interstate transportation routes, according to Voit’s Chenoweth.
“The Voit team has a strong partnership with Magnolia Foods, through which we worked diligently to identify the right location for this expansion,” says Chenoweth. “We recognized that the company needed a Class A facility in order to preserve the integrity of its processes and products. In addition, we knew the target location was the Western Inland Empire in order to keep the company in close proximity to its existing operations and the abundant quality workforce in the area.”
The facility features 22 dock-high loading doors, an ESFR fire sprinkler system, 32-foot minimum ceiling clear height, a 181-foot truck court, and a 2,000-amp electrical services, 6,000 SF of two-story office, among other amenities.
“This is an exemplary location with national corporate neighbors including Target, Amazon, Under Armour, Niagara Water, Monster Beverage, Kellogg’s and Medline,” says Chenoweth.
The property is located at 1450 Alder Avenue in Rialto, California.
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 45+ year history, the firm has developed, managed and acquired more than 64 million square feet, managed $1.4 billion in construction projects and completed in excess of $50 billion in brokerage transactions encompassing more than 47,500 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.