Larry Lukanish, vice president of the Commercial Investment Division of Irvine, CA-based Sares-Regis, calls it a state-of-the-art warehouse and distribution facility, noting it features 1,800 feet of frontage on the 60 Freeway in the heart of Southern California's main distribution corridor. The project was a build-to-suit for Pier 1, which has 11 years remaining on the original 15-year lease.

The distribution center is located in the master-planned 505-acre California Commerce Center South Industrial Park, one of many warehouse and distribution developments in the Ontario area that have created one of the country's largest concentrations of modern industrial space surrounding the Ontario International Airport. The Pier 1 facility at 3000 E. Philadelphia St. is the West Coast distribution center, serving more than 200 stores for the Fort Worth-based, publicly held company.

The transaction included the acquisition of 8.8 acres of undeveloped land next to the distribution facility, a single-story structure built in 1999, Lukanish says. No plans have been announced yet for the 8.8 acres.

The seller was represented by David Hasbrouck in the Los Angeles office of Cushman & Wakefield of California Inc. and Charles Belden in C&W's Ontario office, with Sares-Regis representing itself. Sares-Regis is a diversified developer and manager of residential and commercial real estate in the western US. It has more than 3.5 million sf under commercial development and manages more than 11,000 apartment units plus 14 million sf of commercial real estate.