MIRA LOMA, CA-The $85.25 million sale of a1.6-million-square-foot warehouse here proves the potential thatthe developer saw in the region, the seller says. Irvine-basedPacific Newport Properties Inc. sold the property, Mira LomaDistribution Center, to an undisclosed institutional buyer in oneof Southern California’s largest industrial sales year-to-date.

The class A warehouse and distribution facility is situated on83 acres and represents the final phase of the original 131 acresdeveloped by Pacific Newport, one of the first developers torecognize the potential of the I-15 Corridor south of the 60freeway for this type of product.

William R. Patton, founder and president of Pacific Newport,says that the sale “is significant to us in that it validates thepotential we envisioned in this area of the Inland Empire region.”In addition, the sale “will allow us to expand our ongoingdevelopment and acquisition strategies,” Patton says.