Two Inland Empire Industrial Properties Sell, Totaling 112,000 sqft.
Inland Empire, Ca. – DAUM Commercial Real Estate Services brokered two industrial acquisitions in the Inland Empire, encompassing a combined 112,671 square feet for a total consideration of over $13.1 million. Chris Migliori, Executive Vice President in DAUM Commercial’s Newport Beach office, represented the buyers in both transactions.
“Despite a record level of new industrial construction in the Inland Empire, vacancy rates in the region are expected to remain in the 4 percent range. Demand continues to exceed supply,” explains Migliori. “Smaller industrial buildings in the 40,000 to 60,000 square-foot range have vacancies below 2.5 percent. Increasing land values and construction costs are driving up rents and sale prices.”
Migliori notes that small-size warehouses can be double the cost-per-square-foot to build, resulting in tremendous competition for existing product.
The two recent acquisitions include:
Transaction #1: Corona building acquired for $7.5 million
PHOTO TOP: DAUM brokered the $7.5 million acquisition of a 68,394 square-foot building in Corona, California on behalf of the buyer, Excel Business Park, LLC, a Corona-based real estate developer.
DAUM brokered the $7.5 million acquisition of a 68,394 square-foot building in Corona, California on behalf of the buyer, Excel Business Park, LLC, a Corona-based real estate developer. The seller was Newport Trading, LLC.
The property, which was recently vacated by a furniture distribution company, is currently 100% vacant.
“The buyer plans to complete interior and exterior upgrades within the next week,” says Migliori.
Migliori will oversee leasing for the property, and notes that the building is well-suited for warehousing and distribution, and could also be easily adapted to light manufacturing.
The property features six dock-high loading doors, 2,000 amps of power, and a fully installed high pile racking system, as well as convenient access to the I-15 and State Route 91.
The building is located on a 157,252 square-foot lot at 1228 Sherborn Street in Corona, California.
Transactions #2: Vitamin Manufacturer Purchases 44, 277 SF Warehouse in Ontario
Photo Above: DAUM Commercial also facilitated the $5.6 million acquisition of a 44,277 square-foot warehouse in Ontario, California, on behalf of the buyer, a manufacturer of vitamins and supplements.
DAUM Commercial also facilitated the $5.6 million acquisition of a 44,277 square-foot warehouse in Ontario, California, on behalf of the buyer, a manufacturer of vitamins and supplements. The buyer will occupy the entire property.
“Vitamin and supplement manufacturing is a highly competitive industry, so it was critical that the buyer invest in state-of-the-art space for its research/development and manufacturing operations,” explains Migliori. “Our team identified this newly-constructed, Class A industrial facility, which met the needs of our Client.”
The building sits on 1.83 acres and features 30’ warehouse clearance, four dock-high loading doors, one ground-level door, and 4,485 square feet of office space.
The seller, Mission XC, LLC, is a strong regional developer and was represented by Henry Hong and Michael Lee of Lee & Associates.
The property is located at 1320 West Mission Boulevard in Ontario, California.
About DAUM Commercial Real Estate Services
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.