The 99 Cents Only store at Seley Plaza | Courtesy a representative of Cushman & Wakefield

Two IE Properties Sell for More Than $100 PSF

Carrie Rossenfeld Industrial, Retail

A shopping center in San Bernardino, California, and a distribution center in Riverside, California, are two of the latest sales brokered by Cushman & Wakefield (C&W), according to statements released by a representative of the firm. Seley Plaza, a 159,324-square-foot neighborhood shopping center in San Bernardino has sold for just over $20 million ($125 per square foot), and Meridian Distribution Center II in Riverside has sold for an undisclosed amount, the statements say.

Sources unrelated to the deal report that the sale price for Meridian Distribution Center was approximately $104 per square foot, which equates to about $52 million.

Private investor Newman International LLC purchased Seley Plaza, a 91 percent occupied shopping center located just south of the 210 freeway at 2002-2383 East Highland Avenue, from a joint venture between Robhana Group and SAFCO Capital Corporation, according to release. The 21 tenants at the center include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco, and Goodyear Tire, the source says.

According to the release, C&W retail investment specialists Dixie Walker and Charley Simpson represented the seller, while the firm’s Max Wang and John Griffin represented the buyer in the transaction.

On the industrial side, global real estate investment manager Invesco Real Estate Cushman acquired Meridian Distribution Center II from Sun Life Assurance Company of Canada through its advisor Bentall Kennedy, the release says. The 503,592-square-foot facility is located at 22000 Opportunity Way and is part of the master-planned Meridian Business Park industrial campus comprising over 1,290 acres, according to the release. The park, which is west of the I-215 freeway, will feature 16 million square feet of building space upon completion, the statement says.

Construction on Meridian Distribution Center II was completed by West Coast developer Newcastle Partners earlier this year, the release says, adding that the facility spans 26.93 acres of land and features 36-foot interior clearance, 88 dock-high doors, 150 trailer parking stalls, and 217 car parking spaces. Adjacent to the freeway, the property is also accessible to the Los Angeles and Long Beach ports and is 30 miles from the Ontario International Airport, the source says. Corporate tenants at Meridian Business Park include Kia Motors, Sysco, Amazon, UPS, and McLane Company, the statement says.

According to the release, both the buyer and seller in the industrial transaction were represented by Phil Lombardo, Chuck Belden, and Andrew Starnes in C&W’s Ontario office, who will also serve as exclusive leasing agents for the property. The release also says the team worked in partnership with capital-markets specialists Jeff Chiate, Jeffrey Cole, Mike Adey, and Ed Hernandez in the firm’s Irvine office for the transaction.

Lombardo is quoted in the statement as saying, “As ecommerce continues to fuel growth in the region, we are seeing continued interest from institutional investors looking for state-of-the-art industrial assets in the Inland Empire East submarket to add to their portfolio.” The release says C&W research shows that overall vacancy rate in the Inland Empire was 4.1 percent as of second quarter 2018.