Globest.com UPDATE: Fund Acquires $60M Alter Warehouses

The projects, which were Alter's first developments in the Inland Empire, include a 528,320-sf building in Fontana that was a joint venture with Principal Real Estate Investors and an 830,300-sf facility on 39 acres at Haven Avenue and Sixth Street in Rancho Cucamonga that is called Haven Distribution Center. Darla J. Longo, Dave Cosani and Jim Koenig of CB Richard Ellis's Ontario office, were the sole brokers in the transaction.The CBRE Strategic Partners III fund invests in office, retail and other product types nationally, but the fund's focus for industrial/distribution deals is on the Inland Empire only. The fund acquired the two buildings in two separate closings that were scheduled as the buildings, both new construction projects, were completed. The fund is now fully invested with $1.2 billion of assets under management. CB Richard Ellis is the leasing agent for both buildings, both of which were purchased empty upon completion. The Haven Distribution Center in Rancho Cucamonga has since been leased in full to Kumho Tire, and the Fontana building is vacant.Michael J. Alter, president of the Alter Group, says the company now is pursuing new projects to build in California after the completion of these inaugural developments. The Fontana building features 120 dock-high and four grade-level drive-in doors, a 30-foot clear ceiling height to accommodate high-bay racking systems, parking for 484 cars and 79 trailer stalls. The Rancho Cucamonga facility features 136 truck docks and four ramped drive-in doors, a 30-foot clear ceiling height, parking for 285 cars and 144 trailer stalls. These features are considered essential for warehouses in the Inland Empire, which serves as the focal point of West Coast logistical operations for distributors serving booming markets, notes Patrick E. Gallagher, SVP of the Alter Group.