MORENO VALLEY, CA-Clarion Partners of New York City has acquired a 756,340-square-foot industrial property at 16850 Heacock St. in the Inland Empire that is leased to Lowe's Cos. through September 2020. Clarion bought the property for $46.6 million deal that was brokered by vice chairman Darla Longo and executive vice president Barbara Emmons of CBRE.

Richard Pink, managing director at Clarion Partners, commented on the deal in an announcement: “This opportunity provides Clarion Partners access to not only a class A property in a highly desirable market, but also a nine-year lease guaranteed by an investment-grade, multi-national retailer with over $48 billion in annual sales.”

Pink noted that the property is in the Inland Empire East industrial market, which has enjoyed substantial demand from users and investors, especially for properties larger than 500,000 square feet.

Including this property, Clarion Partners now manages over 7.4 million square feet of existing industrial product in the overall Inland Empire market.

“The Inland Empire is a key industrial market for Clarion Partners, and this acquisition will increase the firm’s exposure within this sector,” said Pink.

Neither Clarion nor CBRE disclosed the name of the seller of the 16850 Heacock facility. The project, which is near March Air Reserve Base, was developed by Newport Beach, CA-based Alere Property Group, according to a report by GlobeSt.com in 2005. Alere sold the property to CB Richard Ellis Investors in 2006, according to industry sources.