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.

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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.

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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.

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According to Pacific Newport, Mira Loma Distribution Center isSouthern California’s largest industrial sale so far this year,surpassing the next largest transaction of $42 million involvingthe Federated Department Stores building in Los Angeles.

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Cushman & Wakefield director Kent Hindes observes that thesale “shows the demand by institutional investors for quality,well-positioned commercial real estate” in Southern California. Hepoints out that the project has healthy occupancy with a strongroster of credit tenants and that its close proximity to the I-15,I-10 and 60 freeways is a key attractor for distributioncompanies.

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Mira Loma Distribution Center comprises three warehousedistribution buildings located at 12510 Micro Dr., 12455 HarvestDr., and 4650 Hamner Ave., fronting the Interstate 15 Freeway justsouth of the Pomona 60 Freeway at the Cantu-Galleano Ranch Roadinterchange. A 755,100-square-foot facility on 32 acres wasdeveloped as the first phase of Mira Loma Distribution Center in1999 by Pacific Newport Properties for a Wal-Mart DistributionCenter.

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In late 2000, Pacific Newport developed an 802,645-square-footdistribution center on 37 acres for Ingram Micro, which continuesto occupy the leased facility located at 12510 Micro Dr. Othertenants in the Mira Loma complex have included FergusonEnterprises, which continues to occupy a 565,598-square-footfacility on 28 acres of the project, and Smuckers, which originallyoccupied 239,121 square feet on 13 acres at 4560 Hamner Ave.

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Pacific Newport Properties will continue managing the center forthe new owner. “We look forward to continuing our relationshipswith the Mira Loma Distribution Center tenants and the new owner,”said Jon Patton, vice president of Pacific Newport Properties.

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In the transaction, Pacific Newport Properties was representedby Hindes, director of Cushman & Wakefield’s Ontario office,along with Jeff Chiate and Jeff Cole, executive directors with thecompany’s Irvine office. The buyer represented itself.

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