743,000 Square-foot Industrial Sale in Colton California
Colton, Ca – DAUM Commercial Real Estate Services has directed the acquisition of a portfolio of three adjacent industrial warehouses, totaling 743,381 square feet, in Colton, California, according to Ken Andersen, a Senior Vice President at DAUM’s Inland Empire office.
Andersen completed the transaction with Rick John, an Executive Vice President at DAUM’s Inland Empire office, as well as Barbara Emmons Perrier and Darla Longo of CBRE, on behalf of both the buyer, Black Creek Group, a real estate investment firm based in Denver, Colorado, and the seller, one of the largest REITs in the United States.
“Based on our deep experience in the market, we were able to demonstrate the long-term value of this investment to the buyer, and consequently, secure a competitive offer for the seller,” explains Andersen. “This sale, which was one of the largest single real estate transactions in the Inland Empire over the past 12 months, proved to be a win-win for both of our Clients.”
According to Andersen, one of the buildings was rapidly leased to Mattress Firm, while the other two properties are currently in lease negotiations.
“This acquisition presents an excellent investment opportunity for Black Creek Group,” Andersen continues. “The firm quickly received several competitive bids on these properties from high-quality potential tenants, who are seeking prime industrial space in the tight, in-demand Inland Empire.”
Andersen points to the Inland Empire’s industrial market fundamentals as a key indicator of the strength of this investment.
“The region’s industrial market remains strong, posting a steady increase of asking rents, which moved up 7.6-percent in the past year,” Andersen notes, citing a recent DAUM market report.
The warehouses all feature dock-high loading, ESFR sprinkler systems, minimum clear height ranging from 32’ to 36’, and state-of-the-art office space. The buildings also provide the benefit of the City of Colton’s reduced utility rates compared to surrounding areas.
The properties are located in close proximity to the Interstate 10, Interstate 215, and State Route 60 freeways, providing ease of access throughout the region. Corporate neighbors include Unilever, Home Depot, and FedEx.
The portfolio consists of a 121,196 square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995 square-foot property located at 2053 Miguel Bustamante Parkway, and a 447,190 square-foot property at 2163 South Riverside Avenue in Colton, California.
About DAUM Commercial
DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S. DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.