Premier, Penwood Pick Up 1.5 MSF Inland Empire Portfolio

Premier Logistics Properties and Penwood Real Estate Investment Management have acquired two infill big-box warehouses totaling nearly 1.5 million square feet square feet in Rialto, Calif. Eastdil Secured arranged the deal on behalf of the seller, while KBC Capital Partners represented the buyers.

Link Logistics previously owned the Amazon-leased warehouses, according to Yardi Matrix information.

The two neighboring facilities are just south Highway 210 and mid-way between interstates 15 and 215, providing easy access across Southern California and the Inland Empire.

The industrial building at 1568 N. Linden Ave. came online in 2017 on 50 acres. It spans some 593,000 square feet and includes 106 dock-high doors and three grade-level doors.

Completed in 2018 on a 57-acre site, the property at 1660 N. Linden Ave., has 855,000 square feet, 74 dock-high doors and two grade-level doors.

Senior Managing Steve Silk and Director Mark Alfert comprised Eastdil Secured’s team, while President Bo Mills of KBC Capital Partners oversaw the transaction on behalf of the buyers.

Inland Empire’s steady industrial scene

The Inland Empire recorded $613 million in industrial sales year-to-date as of March, according to a recent Yardi Matrix report. The market ranked second among the Western metros after Los Angeles ($656 million in sales). Assets traded for an average $165 per square foot, a price well above the $138 national figure.

One of the quarter’s noteworthy deals closed in March, when AEW Capital Management acquired a two-building industrial portfolio for $110.6 million. The properties traded at prices way above those of their previous respective sales.