Denver-based Black Creek Group has acquired a portfolio of three adjacent industrial warehouses totaling 743,381 square feet in Colton, California, from one of the largest REITs in the U.S. The portfolio consists of 121,196-square-foot property located at 2036 Miguel Bustamante Parkway, a 174,995-square-foot property located at 2053 Miguel Bustamante Parkway, and a 447,190-square-foot property at 2163 South Riverside Avenue — all newly constructed buildings.
SoCal Real Estate was unable to reach the parties involved before deadline to determine the sale price or more information on the seller.
The warehouses all feature dock-high loading, ESFR sprinkler systems, minimum clear height ranging from 32 feet to 36 feet, and state-of-the-art office space. The buildings also provide the benefit of the city of Colton’s reduced utility rates compared to surrounding areas.
The properties are located in close proximity to the Interstate 10, Interstate 215, and State Route 60 freeways, providing ease of access throughout the region. Corporate neighbors include Unilever, Home Depot, and FedEx.
Ken Andersen, a SVP at DAUM Commercial Real Estate Services’ Inland Empire office, directed the acquisition, along with Rick John, EVP, and Barbara Emmons Perrier and Darla Longo of CBRE, on behalf of both the buyer and the seller. “This sale, which was one of the largest single real estate transactions in the Inland Empire over the past 12 months, proved to be a win-win for both of our clients,” says Anderson.
According to Andersen, one of the buildings was rapidly leased to Mattress Firm, while the other two properties are currently in lease negotiations. He says Black Creek quickly received several competitive bids on the properties from high-quality potential tenants seeking prime industrial space in the tight, in-demand Inland Empire.
Andersen points to the Inland Empire’s industrial market fundamentals as a key indicator of the strength of this investment. “The region’s industrial market remains strong, posting a steady increase of asking rents, which moved up 7.6 percent in the past year,” he says, citing a recent DAUM market report.