By Roxana Baiceanu
Cushman & Wakefield facilitated an industrial transaction on behalf of CP Logistics Fontana. The 135,651-square-foot logistics center, located in the Fontana submarket of the Inland Empire region, changed hands for $19.8 million, or $146 per square foot. The buyer is an affiliate of Zurich North America.
West Fontana Logistics Center, one of Panattoni Development Co.’s warehouse projects, was completed earlier in July and is fully leased by Gale Pacific. Its transaction price shows that the industrial segment in Inland Empire continues to fare very well.
“Adding to the desirability of this investment asset, market fundamentals remain exceedingly strong in the Inland Empire West as net absorption tallied over 3.2 million square feet in the first half of 2017, while vacancy ended midyear at 2.2 percent, a substantial decrease from its rate of 2.8 percent for the same period a year ago,” said Jeffrey Cole, Cushman & Wakefield executive director, in prepared remarks.
Key location and amenities
The Class A facility is situated on a six-acre lot at 10918 Cherry Ave., which is a five-minute drive from the Ontario International Airport. The property is part of the larger Southwest Industrial Park and is conveniently located close to the intersection on interstates 10 and 15. Several high-profile companies operate in the area, such as Teresi Trucking and ABF Freight.
Among the amenities which West Fontana Logistics Center offers are:
- 18 dock-high loading doors
- 2 grade-level loading doors
- 28 trailer parking stalls
- a 165-foot fully secured truck court
- separate parking areas
- 32-foot clear height
The Cushman & Wakefield team of brokers representing CP Logistics Fontana consisted of Executive Managing Director Jeff Chiate, Executive Director Jeffrey Cole, Director Ed Hernandez, Senior Associate Mike Adey and Associate Nico Napolitano. Michael Chavez, senior vice president and David Nguyen, broker with Lee & Associates, provided market advisory services. Associate Director Joe Russo and Managing Director Sean Bannon, both with Zurich North America, represented their company in house.
Image courtesy of Cushman & Wakefield