(To read more on the industrial market, click here.)

SAN BERNARDINO, CA-CB Richard Ellis Investors has acquired two new buildings totaling more than 1.2 million sf in the 300-acre Agua Mansa Industrial Center, a development north of the 60 Freeway and west of the 215 Freeway that straddles both Riverside and San Bernardino counties. The seller and terms of the deal were not disclosed, but industry sources tell GlobeSt.com that the seller was Proficiency Capital of Los Angeles and that the two buildings went under contract a number of months ago when some comparable newly completed vacant buildings were selling for about $60 per sf.

CB Richard Ellis Investors acquired the two buildings, one of 750,000 sf and the other of 457,000 sf, in a transaction that was brokered by CB Richard Ellis SVPs Kevin McKenna and Ian DeVries, along with associate Grant Ross. The CBRE team represented both the buyer and the seller in the transaction and also has the leasing assignment for the buildings, which are at 12215 and 12249 Holly St.

McKenna, who also recently handled an investment sale of three newly constructed, vacant buildings in Redlands for a price of $39.5 million, says that the industrial investment market remains "extremely strong" when it comes to such buildings. "The acquisition of vacant, new construction is appealing to both sellers and buyers in today's investment market," he says.

Other sources tell GlobeSt.com that demand for such properties has risen quickly in the last year, with some newly constructed vacant buildings now trading for up to $70 per sf. Developers see the deals as a way to turn a profit on their newly built projects, while buyers see upside in lease-up of the properties.

McKenna notes that the Agua Mansa Industrial Center is now considered one of the premier industrial parks in the Inland Empire as a result of its central location, freeway access, and the enterprise zone credits available to businesses. McKenna, who also handled the lot sales program for the Industrial Center back in 2004 and 2005, notes that the two new buildings acquired by CBRE Investors are within a half mile of major national tenants including Unilever, Home Depot, FedEx, Aramark and Fleetwood.

Instant Insights /

CBRE Investors Buys 1M SF of Industrial

Related Stories

Recommended For You