COMMERCIAL REAL ESTATE TRANSACTION ALERT
Firm bolsters Inland Empire portfolio with addition of centrally located last-mile distribution property
Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of 8700 White Oak Avenue, a 72,051-square-foot, single-tenant distribution warehouse in Rancho Cucamonga, Calif. The property is well-located in the Inland Empire West submarket, accessible to the region’s vast logistics transportation routes and includes design elements ideal for last-mile distribution. The building is currently occupied by a third-party logistics (3PL) user. Terms of the transaction are undisclosed.
“8700 White Oak Avenue is a welcome addition to Alere’s established Inland Empire portfolio,” said Alan Carmichael, senior vice president of investments, at Alere Property Group. “The property represents a unique opportunity to acquire a well-configured industrial asset with a first-rate tenant at below replacement cost. Alere continues to seek investment opportunities in top-tier locations throughout Southern California that offer exceptional functionality, accessibility and efficiency.”
Completed in 2000, 8700 White Oak Avenue was acquired in excellent condition. The 4.37-acre property features a secured, drive-around yard with two points of entry. The building offers 26-foot clear height, 15 dock-high doors, two grade-level doors and 4,800 square feet of two-story office space.
8700 White Oak Avenue is centrally located within Rancho Cucamonga’s industrial area and easily accessible to the ports of Long Beach and Los Angeles and other key logistics hubs via the I-210, I-15, and I-10 freeways. The property lies south of Arrow Route, between Haven Avenue and Milliken Avenue, two major regional thoroughfares. The Ontario International Airport is within a ten-minute drive from the property.
Located at the base of the scenic San Gabriel Mountain foothills, Rancho Cucamonga is a desirable place to live and work, offering ample lifestyle amenities such as dining and shopping. The city is approximately 37 miles from downtown Los Angeles with about 14 million people living within a 60-minute drive. This broad reach attracts a deep pool of industrial warehouse tenants due to the strong nearby labor force and robust consumer base.
“Rancho Cucamonga is a prime location for last-mile distribution, and 8700 White Oak Avenue is ideally positioned to serve this segment of the logistics chain,” said Doug McGilvray, vice president of capital markets at Alere Property Group. “The Alere team is pleased to have strengthened its foothold in the Inland Empire West submarket with the addition of another valuable asset that is in high demand as the Southern California economy continues to grow.”
Nick Velasquez and Mike Hartell of Colliers International represented the seller and Alere in this transaction.
Alere owns over 20 million square feet of industrial space within the Inland Empire West and East submarkets. The firm targets core and value-add investment opportunities throughout Southern California, in addition to large-scale ground-up development opportunities ranging from 25,000 to over 1 million square feet.
CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer
CBRE announced the sale of a 25-unit multifamily community in Fontana, California to a local private investor for $6.3 million.
Located at 8919 Mango Ave. in Fontana, the property, built in 1973, offers a mix of one-bedroom, two-bedroom (townhouse-style), and three-bedroom floorplans with an average unit size of 787 square feet. Units feature high speed internet access, air conditioning and heating, and kitchen appliances. Property amenities include on-site laundry, carport and surface parking, secure entry gate and lush landscaping.
“This 25-unit property is a quality asset with substantial value-add upside potential in one of the best performing cities of the Inland Empire,” said Torgerson. “The property has historically performed well and is poised for future rent growth as the new owner plans to strategically renovate the interior and exterior of the property.”
He added, “This was a transaction in which our team negotiated seller financing, allowing the seller to achieve their target pricing while simultaneously enabling the buyer to immediately cash flow.”
The community is walking distance to Veterans Park, Chaffey College Fontana Campus and various restaurant options. It is also near Kaiser Hospital Fontana, the Fontana Metrolink Transit Station, retailers and Interstate 10.
Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA
COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.
The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.
The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre. The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas. Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.
Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.
Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.
According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”
Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”
CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.
Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail
CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.
Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.
Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.
“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”
Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.
Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.
The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.
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