10721 Jasmine St.

INLAND EMPIRE, CA-The sale of a 410,208-square-foot industrial building to an institutional investor in Fontana and a 334,646-square-foot lease in San Bernardino highlight the uptick in the Inland Empire’s industrial activity of late. The building that sold was at 10721 Jasmine St. in Fontana, according to Colliers International, which represented both the buyer and the seller. The lease was at a 609,499-square-foot building at AllianceCalifornia and was signed by manufacturer Leggett & Platt, according to Dallas-based Hillwood Investment Properties, the developer of the AllianceCalifornia project.

BlackRidge Real Estate Group LLC of Lakewood, CO, acquired the Jasmine Street building for nearly $17.3 million in a deal that represents “the first vacant class B building we’ve seen in Fontana sell to an institutional investor,” according to Tom Taylor, executive vice president in Colliers’ Ontario office, who represented the buyer and the undisclosed seller along with executive vice president Steve Bellitti and associate Summer Coulter, both in Colliers’ Ontario office.

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

Built in 1991, 10721 Jasmine St. is a freestanding, concrete tilt-up building with 50 dock-high doors and 3,000 amps of electrical service. The property has a fully-secured yard with a mechanical gate and security booth. The new owner will renovate the building and upgrade the sprinkler system to early suppression fast response (ESFR).

AllianceCalifornia Building

In San Bernardino, Leggett & Platt’s lease is at Northgate Building 11 at 7776 Tippecanoe Ave. Hillwood senior vice president John Magness notes that reports that “Leggett & Platt’s operations will be critical to bringing jobs and increased tax base to the AllianceCalifornia property and San Bernardino County.” Leggett & Platt is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The 127-year-old firm manufactures components for residential furniture and bedding, office furniture components, drawn steel wire, automotive seat support and lumbar systems, carpet underlay, bedding industry machinery, among others.

AllianceCalifornia Northgate Building 11 was constructed in June 2009 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 to growth in the region and to reach its West Coast customers as well as secure its inbound supply chain.