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NEWPORT BEACH, CA-Locally based WLA Investments has increased the size of its holdings in the San Bernardino region, recently acquiring the 178,000-sf Gifford Industrial Park for $6.2 million.

The 10-building complex is located at 775 S. Gifford Ave. and was 84% leased at sale time. Tenants include the United States Post Office and San Bernardino County Court.WLA is sinking about $250,000 in improvements into the industrial complex, says Herrick Johnson, a Lee & Associates broker who worked on the transaction. The renovation project, which already has begun, will include exterior and interior upgrades. Work will wrap up in about six weeks, Johnson says.

The acquisition marks WLA’s second purchase within a year. It also owns the 89,000-sf Waterman Place Business Park, positioned about a half mile from the new buy. “With the unavailability of land and the lack of product in Inland Empire’s Western region, WLA thinks the next big market will be San Bernardino,” Johnson says. “The overall market vacancy rate is currently below 5% for existing product in that area.”

Johnson, who is from Lee & Associates in Riverside, represented WLA Investments. Vince Anthony of Commercial Realty Advisors Inc. in Ontario handled negotiations for seller, Gifford Industrial Park Ltd., which developed the complex in 1988.

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