Friday, November 26, 2021
Acquisition

Alere Property Group Acquires Marquee Industrial Asset in Norco, California

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ACQUISITION ALERT

Firm bolsters portfolio with addition of recently completed and fully leased state-of-the-art warehouse complex in Inland Empire West submarket

Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of Saddle Ranch Business Park, a 422,000-square-foot Class A industrial warehouse complex in Norco, Calif. Alere purchased the asset, which is fully leased to vitamin and nutrition company, Goli Nutrition, from Southern California-based developer CapRock Partners. Terms of the purchase and sale transaction are not disclosed.

“Saddle Ranch Business Park is a well-designed and uniquely positioned asset within the Inland Empire West, and is a strategic acquisition for Alere,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Demand for modern industrial space in the Norco/Corona submarket is supported by its accessibility to Orange County. The recently completed property, which is located along the I-15 freeway and near a major logistics interchange, compliments Alere’s approach and is an excellent addition to our portfolio of high-quality industrial assets.”

Saddle Ranch Business Park consists of four state-of-the-art buildings ranging in size from approximately 81,000 square feet to 158,000 square feet with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock high and grade level loading, ESFR sprinklers, ample power, large truck courts and 5.6% office space.

Saddle Ranch Business Park is located at 3300 to 3390 Horseless Carriage Drive, less than a mile from the I-15 freeway and proximate to the SR-91, I-215, SR-60 and I-10 freeways. The asset’s position within the Inland Empire West submarket is desirable for tenants requiring efficient access to Los Angeles and Orange counties, the San Gabriel Valley and the mid-counties region. The site is near the SR-91/I-15 Interchange and proximate to North Orange County markets, as well as the Western Inland Empire cities of Ontario, Eastvale, Chino Hills, Chino, Corona and Riverside.

Combined, the cities of Norco and Corona make up a key distribution infill market with limited remaining developable land. It offers close access to rail lines and airports including the Ontario International Airport and Los Angeles International Airport. According to CBRE, rising rental rates in Orange County are driving industrial warehouse demand to Norco/Corona as a lower cost alternative market. The submarket also offers multiple amenities and has strong corporate neighbors.

Goli Nutrition uses Saddle Ranch Business Park for its corporate headquarters and the manufacturing and distribution of its products. The tenant has invested significant capital to customize the buildings for its product manufacturing and has installed a high-end cafeteria and commercial grade kitchen, among other improvements.

“The Norco/Corona submarket continues to fill in with robust economic activity, and Saddle Ranch Business Park is an exceptional facility that supports a variety of uses,” added Carmichael. “While the remarkable growth of e-commerce supports a majority of the demand for new warehouse space in the Inland Empire, Southern California-based manufacturing companies are performing well and are also in need of contemporary industrial facilities to grow their businesses. Alere is committed to supporting the industrial space needs of these manufacturers.”

CBRE represented Alere and CapRock and in the transaction, led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. The following team from Lee and Associates also consulted in the deal: Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart.

Alere owns over 20 million square feet of industrial space within the Inland Empire West and East submarkets and is currently in development on five ground-up industrial projects over 1 million square feet in Southern California. 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. Alere recently announced it is under construction on two premier ground-up developments in Chino, Calif. totaling approximately 626,000 square feet.

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Inland Empire Business Journal
The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.