Brookfield Sells 526 KSF Inland Empire Warehouse
The Kohl's-occupied building reportedly traded for north of $120 million.
A fund backed by Brookfield Properties has sold a 525,756-square-foot industrial warehouse in San Bernardino, Calif, to Overton Moore Properties. The property changed ownership for over $120 million, according to Commercial Observer.
Cushman & Wakefield negotiated on behalf of the seller and also aided in securing acquisition financing on behalf of the buyer.
The facility previously traded in 2020, when Brookfield paid $84.4 million for it as part of a two-building transaction, according to Yardi Matrix. Kohl’s occupies the entire asset, the same source shows.
READ ALSO: Why Industrial’s Booming on the Southern Border
The 56-acre, Class A property is at 890 E. Mill St. The 2002-built facility is fully air-conditioned and features cross-dock design, 30-foot clear heights, 192 dock-high doors and 575 vehicle parking spots. The property also includes 771 trailer parking spots on 29 acres of excess land.
Kohl’s uses the warehouse as part of its distribution network. The company has a remaining lease term of 4.5 years. The asset is near SBD International Airport and interstates 215 and 10. Riverside, Calif., is 12 miles away, while both Ontario, Calif., and Ontario International Airport are within 25 miles west of the property.
Executive Vice Chairmen Jeffrey Cole, Jeff Chiate and Rick Ellison, alongside Associate Matthew Leupold, Director Aubrie Monahan and Brokerage Coordinator Kristen Schottmiller with Cushman & Wakefield’s Industrial Advisory Group worked on behalf of the seller.
Vice Chairman Brian Share and Head of the Debt & Structured Finance Platform Rob Rubano of Cushman & Wakefield arranged the acquisition financing on behalf of the buyer.
Inland Empire investors pick up pace
In the Inland Empire, industrial sales activity clocked in at $1.5 billion year-to-date through October, according to a recent Yardi Matrix industrial report. Properties in the market changed hands for an average of $245 per square foot—way above the $136 national figure.
Bridge Logistics Properties paid $174 million for a 1.1 million-square-foot property in Fontana, Calif., marking one of the year’s largest industrial sales in the metro. The building changed hands for almost $158 per square foot.
The same company made another significant investment in the metro. In July, it paid $83.5 million for a three-building portfolio in the same city. Hillwood sold the recently delivered properties.
You must be logged in to post a comment.