Western U.S. full service investment firm LBA Realty has purchased a fully leased, class-A, core industrial building totaling 155,109 square feet on nearly seven acres in Riverside, California, for $20.2 million from AMA Plastics/Westfall Technik Inc. In conjunction with the sale, AMA Plastics agreed to a 10-year leaseback for the entire facility that serves as its headquarters.
Built in 2007, the modern facility at 1100 East Citrus Street features 32-foot clear height, a large secure truck court, a total of 16,000 square feet of high-quality office space, heavy power, ESFR sprinklers, 12 dock-high loading doors, and full drive-around access. The property also grants immediate access to the Southern California freeway system provided via Interstate 215, situated less than a mile from the property.
On April 13, it was announced that AMA Plastics was acquired by Westfall Technik, Inc., a recently formed global holding company that provides highly productive plastics manufacturing solutions to the medical, packaging and consumer goods industries. Jeff Chiate, Rick Ellison and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group (IAG) out of Orange County, along with David Stefancic of the firm’s Chicago office, represented the seller in the transaction. Ryan Velasquez, also of the firm’s local office, provided market advisory.
Chiate says the property “offered a core industrial investment opportunity composed of a rare manufacturing/distribution facility in a highly desirable Inland Empire location, with a full building, long-term tenant.” The facility serves as the company’s headquarters, with more than 200 employees at this location, he adds.
According to Adey, the transaction represents the “strong market fundamentals fueled by robust demand and significant new leasing activity. As such, the asset achieved strong pricing for the Inland Empire East submarket. We continue to see buyers seeking to add quality industrial product to either deepen or further diversify their investment portfolios.”