Core Industrial Asset in Inland Empire Sells for $20.2 Million Fully Leased Asset Exchanges as part of 10-Year Sale/Leaseback
Riverside, Ca. – Western U.S. full service investment firm LBA Realty has purchased a fully leased Class A core industrial building totaling 155,109 square feet (sf) on nearly seven acres in Riverside, California for $20.2 million. The seller was AMA Plastics / Westfall Technik, Inc. In conjunction with the sale, AMA Plastics agreed to a 10-year leaseback for the entire facility that serves as its headquarters. On April 13, it was announced AMA Plastics was acquired by Westfall Technik, Inc., a recently formed global holding company that provides highly productive plastics manufacturing solutions to the medical, packaging and consumer goods industries.
Jeff Chiate, Rick Ellison and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group (IAG) out of Orange County along with David Stefancic of the firms’ Chicago office represented the seller in the transaction. Ryan Velasquez also of the firm’s local office provided market advisory.
Mr. Chiate said, “Checking all boxes from an investor standpoint, this world-class asset offered a core industrial investment opportunity composed of a rare manufacturing/distribution facility in a highly desirable Inland Empire location, with a full building, long-term tenant.” He added, “The facility is crucial to the tenant as it serves as the company’s headquarters, with more than 200 employees at this location.”
Mr. Adey added, “This transaction is representative of the strong market fundamentals fueled by robust demand and significant new leasing activity. As such, the asset achieved strong pricing for the Inland Empire East submarket. We continue to see buyers seeking to add quality industrial product to either deepen or further diversify their investment portfolios.”
Built in 2007, the state of the art facility at 1100 E. Citrus St. has exceptional industrial features including 32’ clear height, a large secure truck court, a total of 16,000 sf of high quality office space, heavy power, ESFR sprinklers, 12 dock high loading doors, and full drive around access. The property also grants immediate access to the Southern California freeway system provided via Interstate 215, situated less than a mile from the property.
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