Winsford Corp. has sold a 106,088-square-foot warehouse in Ontario, Calif., for $56 million, a record price per square foot in the Inland Empire market.
Stream Realty Partners worked on behalf of the seller, together with Colliers International, which also represented the buyer, Ottogi America, CommercialEdge and San Bernardino county records shows.
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Completed in 1989, the property is located at 1933 E. Locust St. and comprises one industrial building, a 12,772-square-foot office space, dock-high loading capabilities, concrete truck courts and 80 parking spots. The property is situated on a 7.1-acre lot, close to Interstates 15 and 10, within 2.9 miles from Ontario International Airport, 16.4 miles from downtown Riverside and 30 miles of downtown Anaheim, Calif.
A record price for the Inland Empire industrial market
The industrial asset in currently occupied by Forbes Industries, a manufacturer of food, beverages and hospitality products, that asked the new ownership for a short-term sale-leaseback agreement.
Stream Realty Partners’ Senior Vice Presidents Stefan Pastor and Brad Yates worked on behalf of the seller, together the Colliers International team of Vice Chairman Michael Kendall, Senior Vice Presidents Gian Bruno and Kenny Patricia. Colliers’ Senior Executive Vice President James Min represented the buyer.
The property also features an unpaved parcel of land behind the facility, an unusual amenity in the Inland Empire industrial market, Pastor commented in prepared remarks. He also added that the Inland Empire has become a premier industrial market in North America, due to its low vacancy and strong rent growth.
Over the past 12 months, the West Inland Empire submarket has benefited from a significant migration of skilled workers that has pushed employment up by 15 percent, according to Stream Realty.
Earlier this year, another high-profile sale closed in the Inland Empire, when KKR purchased a 281,000-square-foot warehouse in Eastvale, Calif., for $136.5 million from Parker House, after five years of ownership. In April, Rockefeller Group sold a 289,407-square-foot distribution center in Perris, Calif., for $92 million.