Westcore Properties has purchased a 130,599-square-foot warehouse/distribution facility on a nine-acre lot at 360 South Lilac Avenue in Rialto, California, from Legacy Ranch Inc. for $11.425 million. Plans to reposition the property include a thorough interior and exterior cosmetic upgrade and paving approximately 1.7 acres of unimproved land for trailer parking and other uses.
Westcore’s $1.5 million upgrade plans include new paint, landscaping, new warehouse lights, new dock doors, and office reconfigurations and upgrades, in addition to paving the unimproved dirt.
“The Inland Empire has one of the most dynamic industrial markets in the country,” says Hack Adams, SVP at Westcore Properties. “Rialto offers a particularly advantageous location, surrounded by four major thoroughfares, including Interstate 10 and Interstate 15, and access to an immediate labor pool.”
Chase MacLeod of Voit Real Estate Services represented the seller in the transaction, while Westcore represented itself. Rialto enjoys a low industrial vacancy rate, which Voit cites in its second-quarter 2018 industrial market report as 3.98 percent.
“Two of the scarcest types of industrial space in highest demand throughout the Inland Empire are mid-sized buildings for lease and secured, paved yards for trailer storage” MacLeod says. “Westcore’s successful acquisition and reposition of this asset will create a rare opportunity for a company to occupy both on the same property.”