Overton Moore Properties has bought 19949 Kendall Drive, a 104,500-square-foot industrial property in San Bernardino, Calif. A three way partnership between Bixby Land Co. and a worldwide funding supervisor offered the Class A facility that was absolutely leased on the time of closing. JLL represented the vendor and procured the client.
The three way partnership had acquired 19949 Kendall Drive in a four-building, Class A portfolio transaction totaling 982,493 sq. ft. A $48.9 million mortgage from HFF had financed the acquisition.
READ ALSO: The Inland Empire’s Industrial Power Doesn’t Wane
Accomplished in 2008, the power options 30-foot clear heights, 15 dock-high doorways, 4 grade-level doorways, an ESFR sprinkler system and a totally secured 140-foot truck court docket with a number of factors of entry. The property additionally consists of 3,000 sq. ft of workplace on the mezzanine degree, a 1,530-square-foot showroom and roughly 100 parking areas.
Located inside Inland Empire’s Fontana submarket, the power is close to Interstate 215, which leads on to downtown San Bernardino. The situation offers entry throughout Southern California’s main transportation corridors and important distribution and logistics hubs.
The property can be 2 miles from Hallmark Distribution Heart, a 340,080-square-foot industrial facility that Bixby Land offered in Could. Dalfen Industrial acquired the absolutely occupied asset.
The Inland Empire, a pacesetter in industrial lease development
The Inland Empire recorded $709 million in industrial gross sales year-to-date as of Could, based on a latest CommercialEdge report. In one of many largest offers, EQT Exeter paid $197 million for Commerce Method Distribution Heart, an 819,004-square-foot property in Fontana, Calif.
The metro had the best industrial lease development as soon as once more, with in-place rents rising 12.6 % over the past 12 months. New leases had been signed at $13.75 per sq. foot, $3.56 above in-place rents.
