CHINO, CA-ING Clarion of New York has acquired an 184,000-sf warehouse building from Uni-Pack International for $17.1 million on behalf of a core commingled fund advised by ING. The property is at 13980 Mountain Ave., near the corner of Mountain and Edison avenues, on 7.35 acres close to the Pomona (California Route 60) Freeway and California Route 71, known as the Chino Expressway.
Built in 2003, the building is 45% leased to Uni-Pack, and ING Clarion anticipates leasing the balance of the space within six months. The new owner cites a local warehouse and distribution market where the vacancy rate stands at less than 4%, with market rents projected to increase by more than 4% per year.
Lee & Associates reports that the seller was represented by Patrick Bogan and Steve Coulter of the Lee & Associates City of Industry office. ING Clarion has one other property in the Inland Empire region, a 240-unit apartment project called Missions at Chino Hills that the firm acquired on behalf of a client in July.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
