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Birtcher Development LLC Acquires $17.6M, 20-Acre Site Adjacent to San Bernardino Airport

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Fifth generation industrial developer to build 406,710-square-foot, 40-foot clear Airport Distribution Center

SAN BERNARDINO, Calif. (Jan. 20, 2020) – Birtcher Development LLC, a preeminent industrial real estate developer with five generations of family ownership, today announced the acquisition of a 20-acre land parcel fully entitled for the development of a spec 406,710-square-foot regional fulfillment and distribution center. Birtcher Development purchased the asset from 6th Street LLC for $17.6 million. It anticipates breaking ground on the project in spring 2020, and construction is slated for completion in Q4 2020.

Located in Southern California’s Inland Empire – one of the nation’s premier logistics hubs – the industrial project is three blocks away from the San Bernardino Airport and is accessible to Interstates 10 and 215, key transportation routes throughout the Inland Empire and across the country. With record-low vacancy rates – currently 3% in the Inland Empire as of Q3 2019 – this project is designed to satisfy the high demand for new and advanced high cube industrial warehouse space in the submarket.

“Given the logistics opportunities presented by the airport, convenient access to major trucking thoroughfares and excellent labor market, the demand for new, modern industrial space in the San Bernardino Airport submarket is incredibly high,” said Brooke Birtcher Gustafson, Birtcher Development LLC’s Managing Director. “Once delivered, standing at 40-clear height, this state-of-the-art facility will bring much needed high cube product to market during a time when the e-commerce boom is driving unprecedented industrial demand.”

The new rear-loaded warehouse facility will feature an 8-inch slab and 40-foot clear heights, resulting in 16-20% more pallet positions than the typical 36-foot warehouse. It will also include 65 dock high doors plus an additional 167 designated trailer stalls in a secured concrete truck yard; 259 auto parking spaces and two grade-level loading doors. Power for the site includes 4,000 AMP service (2,000 AMPs installed), 2.5% parabolic skylights and 100,000 kW/h/year of solar power that will be ready for tenant use.

“This is one of the fastest executed deals our company has ever done,” said Brian Barre, spokesperson for the seller. “The short due diligence process, quick close and seamless execution made it a pleasure to work with Birtcher Development LLC.”

Currently in an unimproved condition, the parcel is located on 6th St. between Lankershim Ave. and Sterling Ave., just two blocks from a planned $200 million air cargo logistics center that will house up to 16 aircrafts and generate nearly 4,000 jobs. In addition to serving as a central air cargo and distribution node, San Bernardino benefits from a robust labor market. This is attributable in large part to the aggressive logistics training programs offered by the San Bernardino County Unified School District and San Bernardino Valley College.

The project architect is HPA Architecture of Irvine. Eloy Covarrubias, Joe Werdein and Jeff Fritch of CBRE are representing Birtcher in securing a tenant for the facility.

Darla Longo, Barbara Perrier, Rebecca Perlmutter, Brett Hartzell, Eric Cox, Eloy Covarrubias, Jeff Fritch and Joe Werdein of CBRE served as brokers on the acquisition.

About Birtcher Development LLC

Newport Beach, California-based Birtcher Development LLC is a fifth generation, family industrial real estate company founded in 1939. Since its inception, Birtcher has acquired, managed or developed more than 65 million square feet as a result of more than 260 projects valued in excess of $7 billion dollars. The company develops speculative “Big Box” logistics warehouse facilities ranging from 100,000 square feet in the high-demand major metro infill markets to 1.5 million square feet in the highest-barrier-to-entry markets of the U.S. that also demonstrate the highest absorption. Learn more at Birtcher.com.

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

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Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

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San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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