Westcore Properties has sold Cajon Distribution Center, an 830,750-square-foot warehouse property located at 6207 North Cajon Boulevard in San Bernardino, California, to DHL for an unspecified amount, according to a representative of Westcore. This area of the Inland Empire is known for its mega-warehouses.
Westcore had purchased the property in 2017 and soon leased 100 percent of it to LG Electronics. The building is situated on more than 35 acres and, according to the source, is “well suited as a regional distribution hub due to its proximity to major freeways and a BNSF Intermodal.” The property offers 36-foot clear height, energy-efficient lighting, “generous” trailer parking, “ample” power capacity, secured concrete truck yards, two guard shacks and state-of-the-art dock packages, the representative reports.
According to Hack Adams, SVP at Westcore, “We were proud to own this asset and through the lease to LG added several reusable improvements that made the first-generation space more suitable for future occupants.”
Don Ankeny, president and CEO of Westcore, says the firm remains “very bullish on the Inland Empire industrial market.” Regarding the desirability of this market, he says, “When companies start making unsolicited offers, it’s a powerful indicator of the supply-demand imbalance and makes it a great place to own industrial real estate.”
Westcore’s representative reports that DHL will take occupancy of Cajon Distribution Center over a period of time, “using the facility to ware house and distribute goods for its long-term clients” and that Hewlett Packard, JCPenney, and FedEx are some of the other corporate occupiers in the area.
Darla Longo, Barbara Perrier, and Joey Sugar of CBRE represented DHL in its unsolicited offer, while Westcore represented itself, the firm’s representative says.
In addition to its large warehouses, San Bernardino is a market that is attracting millennials due to affordability. As SoCal Real Estate reported in March, as businesses and residents — particularly younger ones — continue to be priced out of Southern California’s coastal communities, San Bernardino County is experiencing growth across a number of economic indicators, according to speakers at the 2018 San Bernardino County Regional Business Summit and State of the County.