{"id":1004320226,"date":"2019-04-26T06:58:01","date_gmt":"2019-04-26T14:58:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004320226"},"modified":"2019-04-30T11:12:12","modified_gmt":"2019-04-30T19:12:12","slug":"industrial-property-in-ca-trades-for-record-214m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/","title":{"rendered":"Industrial Property in CA Trades for Record $214M"},"content":{"rendered":"
\"\"<\/a>

Sierra Pacific Center. Image courtesy of Pacific Industrial<\/em><\/p><\/div>\n

Pacific Industrial has sold a 1.5 million-square-foot industrial property in the Inland Empire for a record $213.5 million, making it the largest non-portfolio industrial property sale in the state of California in the past two years, according to the firm.<\/p>\n

The Class A two-building property, Sierra Pacific Center, was acquired by an institutional life insurance company. The facility is currently fully leased to LG Electronics and is one of Pacific Industrial\u2019s first ground-up developments.<\/p>\n

The seller was represented by a team from Cushman & Wakefield’s National Industrial Advisory Group, which comprised Jeff Chiate, Mike Adey, Jeffrey Cole, and Ed Hernandez, as well as Chuck Belden and Phil Lombardo, who served as market advisers.<\/p>\n

\"\"

Sierra Pacific Center Image courtesy of Cushman & Wakefield<\/em><\/p><\/div>\n

Built in 2016 through a partnership with an institutional investor, Sierra Pacific Center is located at 5565 and 5885 Sierra Ave., in Fontana, Calif. The facility is adjacent to Interstate 210 and is within a 20-mile radius of seven major freeways. Amenities at the property include electric vehicle charging stations and 100 percent concrete truck courts with up to 430 feet of depth.<\/p>\n

Dan Floriani, partner & co-founder of Pacific Industrial, said the firm is currently developing 1.5 million square feet of industrial properties in California.  \u201cThis activity speaks to a continued institutional appetite for industrial developments where tremendous value creation with the right developer is not only possible, it\u2019s been proven,\u201d <\/em>said Floriani, in prepared remarks.<\/p>\n

The rapid growth of e-commerce has been a huge driver for some of the biggest industrial leases<\/a> in the U.S., according to an October 2018 report by CBRE. Earlier this week, Exeter Property Group acquired an 800,000-square-foot<\/a> Inland Empire distribution center for $98 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pacific Industrial sold the 1.5 million-square foot property to a life insurance company. The facility is fully leased to LG Electronics and FedEx.<\/p>\n","protected":false},"author":745,"featured_media":1004320232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,34027,21783,21742,15],"tags":[45401,45398],"class_list":["post-1004320226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-dan-floriani","tag-pacific-industrial"],"acf":[],"yoast_head":"\nIndustrial Property in CA Trades for Record $214M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial Property in CA Trades for Record $214M\" \/>\n<meta property=\"og:description\" content=\"Pacific Industrial sold the 1.5 million-square foot property to a life insurance company. The facility is fully leased to LG Electronics and FedEx.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-26T14:58:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-30T19:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/01-420-Sierra-Pacific-Center-2-e1556290560636.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1443\" \/>\n\t<meta property=\"og:image:height\" content=\"1082\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/\",\"name\":\"Industrial Property in CA Trades for Record $214M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/01-420-Sierra-Pacific-Center-2-e1556290560636.jpg\",\"datePublished\":\"2019-04-26T14:58:01+00:00\",\"dateModified\":\"2019-04-30T19:12:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/industrial-property-in-ca-trades-for-record-214m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/01-420-Sierra-Pacific-Center-2-e1556290560636.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/01-420-Sierra-Pacific-Center-2-e1556290560636.jpg\",\"width\":1443,\"height\":1082,\"caption\":\"Sierra Pacific Center. 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