The warehouse and distribution facility is located at 4250 Hamner Ave. Fully occupied by Wal-Mart Stores Inc., it is the first phase of the planned 2.5 million-sf Mira Loma Distribution Center. The project's second phase, an 800,000-sf build-to-suit for Ingram Micro, is nearing completion. The Ingram Micro facility will house about 900 employees.
Although financial terms were not disclosed, industry sources estimate the Hamner Avenue property fetched more than $28 million. "This is the largest single transaction to occur in Riverside County this year," says Kent Hindes, a Cushman & Wakefield broker who worked on the deal. He adds that the deal "demonstrates the continued velocity of this market and that it continues to be a safe harbor for institutional and private capital."
Hindes, along with Cushman & Wakefield's Heidi Phillips and David Hasbrouck, represented Pacific Newport Properties. The buyer, Westport, CT-based insurance and financial-services giant Allianz of America Inc., was represented in-house.
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