EQT Picks Up Inland Empire Industrial Portfolio
Dollar Tree is among the tenants.
EQT has acquired a three-building, 667,024-square-foot industrial portfolio in San Bernardino, Calif., from Cabot Properties. Cushman & Wakefield represented both parties in the deal.
The three buildings at Interchange Logistics Center were completed in 2007, according to Yardi Matrix. Building A—354,108 square feet—is at 1651 W. Interchange Drive, Building D2—218,808 square feet—is at 3392 Mike Daley Drive and Building E—94,108 square feet—is at 3524 Mike Daley Drive.
On a site totaling about 34.8 acres, the buildings feature 30-foot clear heights, 135- to 185-foot truck courts, and dock-high and grade-level loading.
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A Cushman & Wakefield spokesperson told Commercial Property Executive that the portfolio is fully leased, and the tenants are Dollar Tree, Anita’s Mexican Foods Co. and Club Car.
The move by EQT comes just a few days after the firm sold a 954,000-square-foot, six-building industrial portfolio in Indianapolis and its suburbs to MLG Capital. That portfolio is 90 percent leased to 10 tenants, with a weighted average lease term of more than four years.
Cushman & Wakefield Executive Vice Chairmen Jeff Chiate and Rick Ellison, along with Directors Matt Leupold and Aubrie Monahan, represented both Cabot Properties and EQT in the transaction.
Chiate commented in a prepared statement that the portfolio represented an unusual opportunity for the buyer to achieve immediate scale in the Inland Empire East submarket.
Inland Empire industrial struggles
The Inland Empire’s industrial market experienced an increase in overall vacancy in the second quarter, up by 50 basis points to 8.8 percent, according to a report from Cushman & Wakefield, driven by substantial move-outs.
In the Inland Empire East submarket, occupancy losses outweighed move-ins, pushing the overall vacancy to 11 percent, the highest in the region. However, the Inland Empire has only 4.8 million square feet of space under construction across 20 projects, a substantial contraction from a 2022 peak of 40.6 million, Cushman & Wakefield reported.
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