INLAND EMPIRE, CA-CBRE has completed the sale of two class A industrial buildings totaling 1.1 million square feet located at 120 South Cedar Avenue and 1364 West Rialto Avenue in Rialto, CA. Alere Property Group, LLC purchased the properties, Rialto Commerce Center II and III, for an undisclosed price.
CBRE's Darla Longo, vice chairman; Barbara Emmons, vice chairman; Rebecca Perlmutter Finkel, vice president; Dave Consani, EVP; Jim Koenig, SVP; and Dan De La Paz, SVP; brokered the transaction.
The buildings are currently 83% leased to two tenants: American Building Supply and Ryder Integrated Logistics: The 715,433 square foot building, Rialto Commerce Center II, is 100% NNN leased to American Building Supply through February 2021. The 384,097 square foot building, Rialto Commerce Center III, is 52% NNN leased to Ryder Integrated Logistics through March 2016.
“The buildings are located in the highly desirable Inland Empire market where vacancy rates are expected to remain low over the next few years due to continued big box demand. Although both buildings are currently occupied by single tenants, there is also an opportunity to add two tenants in each building,” says Emmons.
“The in-place rents for the two high-quality tenants are below market. As a result, the buildings are poised for future net operating income appreciation,” added Longo.
Built in 2006, the concrete buildings feature 32' clearance, ESFR sprinklers, 2.5% skylights, fenced truck yards, and substantial dock high and grade-level loading. The properties are located in proximity to four major freeways including the I-10, I-210, I-15 and I-215 freeways.
CBRE Group, headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm, in terms of 2012 revenue. The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.
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