Rare 51-Acre Truck Terminal Changes Hands
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BLOOMINGTON, CA-GlobeSt.com has exclusively learned that Pacific Industrial LLC has closed on the $34-million purchase of the YRC Bloomington Truck Terminal, a rare, contiguous 51.42-acre truck terminal located at 18298 Slover Ave. in Bloomington, CA. The seller, Realterm NAT, an affiliate of Realterm Global, was represented by CBRE.
“This represented a great opportunity for us to acquire a highly cash flowing asset with future development potential in a very tight land market,” says Dan Floriani, co-founder of Pacific Industrial, in a prepared statement. The property was purchased in an all cash manner.
Pacific Industrial plans to entitle the site for a 700,000-square-foot, class A, cross-dock facility to accommodate potential future development. Given its expansive land size, the site could accommodate a one million square foot, class-A, industrial campus in the future, says Floriani.
The CBRE team representing the seller was led by Michael Caprile, vice chairman; Darla Longo, vice chairman; Barbara Emmons, vice chairman; and Rebecca Perlmutter, director. Emmons tells GlobeSt.com that “The Inland Empire has rebounded significantly with a total vacancy rate of 6.3% and over 9 million square feet of net absorption year-to-date. There is also significant new construction with approximately 8.8 million square feet being built.”
According to Emmons, there are only three buildings available in the Inland Empire West over 500,000 square feet and there are approximately 17 requirements evaluating the Inland Empire marketplace, which is helping drive tenant demand here. “Additionally it is becoming increasing difficult to find large sites in the Inland Empire West that can be developed.”
Situated adjacent to the 10 Freeway and the UP rail lines in the Inland Empire West submarket, the YRC Bloomington Truck Terminal consists of two highly functional truck terminals totaling 325 loading doors, and a 32,630-square-foot shop building leased to YRC through 2019 with annual rent increases. It was purchased at a 9.3 cap with a rent bump scheduled for Jan 1, 2013.
Emmons adds that “We saw incredible interest in this particular asset due to its premier truck terminals and long-term income stream from a Fortune 500 tenant like YRC.”
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