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10721 Jasmine St.

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INLAND EMPIRE, CA-The sale of a 410,208-square-foot industrialbuilding to an institutional investor in Fontana and a334,646-square-foot lease in San Bernardino highlight the uptick inthe Inland Empire’s industrial activity of late. The building thatsold was at 10721 Jasmine St. in Fontana, according to ColliersInternational, which represented both the buyer and the seller. Thelease was at a 609,499-square-foot building at AllianceCaliforniaand was signed by manufacturer Leggett & Platt, according toDallas-based Hillwood Investment Properties, the developer of theAllianceCalifornia project.

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BlackRidge Real Estate Group LLC of Lakewood, CO, acquired theJasmine Street building for nearly $17.3 million in a deal thatrepresents “the first vacant class B building we’ve seen in Fontanasell to an institutional investor,” according to Tom Taylor,executive vice president in Colliers’ Ontario office, whorepresented the buyer and the undisclosed seller along withexecutive vice president Steve Bellitti and associate SummerCoulter, both in Colliers’ Ontario office.

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“Due to a shortage of class A assets available for purchase,combined with the recent rebound in values, institutions are nowaggressively pursuing class B assets on a value-added basis,”Taylor said.

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Built in 1991, 10721 Jasmine St. is a freestanding, concretetilt-up building with 50 dock-high doors and 3,000 amps ofelectrical service. The property has a fully-secured yard with amechanical gate and security booth. The new owner will renovate thebuilding and upgrade the sprinkler system to early suppression fastresponse (ESFR).

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AllianceCalifornia Building

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In San Bernardino, Leggett & Platt’s lease is at NorthgateBuilding 11 at 7776 Tippecanoe Ave. Hillwood senior vice presidentJohn Magness notes that reports that “Leggett & Platt’soperations will be critical to bringing jobs and increased tax baseto the AllianceCalifornia property and San Bernardino County.”Leggett & Platt is a diversified manufacturer (and member ofthe S&P 500) that conceives, designs and produces a broadvariety of engineered components and products that can be found inmost homes, offices, and automobiles. The 127-year-old firmmanufactures components for residential furniture and bedding,office furniture components, drawn steel wire, automotive seatsupport and lumbar systems, carpet underlay, bedding industrymachinery, among others.

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AllianceCalifornia Northgate Building 11 was constructed in June2009 and was purchased by Hillwood in December 2009. Bill Hardy,director of distribution and transportation services, for Leggett& Platt, says that the building will enable the company togrowth in the region and to reach its West Coast customers as wellas secure its inbound supply chain.

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