Newcastle Partners Sells its Latest Speculative Development, Chino Hills Commerce Center, to TP-Link USA Corporation in Chino Hills, California
Chino Hills, Ca – Newcastle Partners, Inc., is pleased to announce it has sold Chino Hills Commerce Center for $15.9 million. The 100,326-square-foot Class A industrial facility is located at 15292 Fairfield Ranch Road in Chino Hills and was acquired by TP-Link USA Corporation, the world’s top provider of consumer networking products, which include routers, range extenders, switches, and network adapters. The new owner-user plans to move into the space immediately and is relocating and expanding from its current Brea, CA location.
Newcastle Partners completed development of the facility in November 2018. The property is situated on a 4.87-acre site and features more than 5,300 square feet of two-story office space, 32’ warehouse clearance, an ESFR sprinkler system, 10 dock-high loading doors, one grade-level door, 118 auto parking spaces, and a secured truck court and yard area. It is near the 71 freeway on/off ramp at Central Ave. to the south and Chino Hills Parkway to the north providing easy access to the 71, 60 and 91 freeways.
“The building made sense for TP Link to help centralize its operations in the Inland Empire and provided the company with a solid long-term investment opportunity,” said Jackson Smith, Partner with Newcastle Partners.
“While we all know that some sort of correction is inevitable, we believe we have at least a couple more years of runway when it comes to the strength of the Inland Empire industrial market,” said Dennis Higgs, Managing Partner with Newcastle Partners. “A 1.8% vacancy rate is as tight as we’ve ever seen.”
Newcastle Partners has developed more than seven million square feet of industrial product in the Inland Empire region over the past seven years and currently has over two million square feet under development or in pre-development stages.
David Consani and Jim Koenig with CBRE represented Newcastle Partners. The buyer was represented by Brian Bennett of Kidder Mathews in the Irvine office.
About Newcastle Partners:
Newcastle Partners is a privately held, full-service, commercial real estate investment and development company focusing exclusively in the greater Los Angeles and San Francisco marketplaces. The company is uniquely positioned to execute a variety of strategies to add incremental value, including land entitlement, new construction, and asset repositioning. Founded in 1999, the firm has established itself as an experienced investor/developer with superior risk-adjusted returns on behalf of a deep list of institutional and private investors.
Newcastle has completed the acquisition and/or development of a diversified portfolio of over 50 projects totaling over 15 million square feet, representing a total investment of over $1.1 billion.
