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Wood Investments Companies Develops and Sells New Sherwin-Williams Occupied Building in Beaumont

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Wood Investments Companies, Inc., a fully-integrated commercial real estate investment company specializing in retail, announced today the sale of a newly developed 4,000-square-foot single-tenant net-lease retail pad building occupied by Sherwin-Williams in Beaumont, California. The sale price was $3,240,000, representing a 4.50% cap rate.

According to Patrick Wood, CEO and president of Wood Investments Companies, the Sherwin-Williams property is a new ground-up development of a pad located in front of the Cinema West’s 2nd Street Cinema, adjacent to San Gorgonio Village, a 78,000-square-foot shopping center that Wood Investments developed and owns. San Gorgonio Village is home to Grocery Outlet, ULTA Beauty, Bath & Body Works, Planet Fitness, Raising Cane’s, In-N-Out Burger and Five Below. Other nearby retail tenants include Walmart, Home Depot, Albertsons, ALDI, Best Buy, Big Lots, Dollar Tree, Hobby Lobby, Kohl’s, Marshalls, Petco and Ross Dress for Less.

Sherwin-Williams is located at 1495 East 2nd Street on a 0.77-acre outparcel at the hard corner, signalized intersection of Commerce Way and 2nd Street. Sherwin-Williams, which opened in November 2022, signed a new 10-year triple-net lease with rental increases every five years.

A Fortune 500 company, The Sherwin-Williams Company (NYSE:SHW) is a global provider of paints, coatings, and related products. The company is headquartered in Cleveland, Ohio, United States. The company’s business model is based on selling a wide range of high-quality coatings products in over 60 countries around the world, with a network of over 5,000 company-owned stores, independent dealer stores, and other retail outlets as well as through contractors and professional painting contractors. Sherwin-Williams was ranked #46 on National Retail Federations’ Top 100 U.S. Retailers 2022 List.

Hanley Investment Group Real Estate Advisors Senior Vice President Lee Csenar and President Ed Hanley represented Wood Investments Companies, the seller and developer, in the Sherwin-Williams sale transaction. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet-based private buyer.

“The sale of the Sherwin-Williams occupied property was part of the strategic plan when we had originally purchased the property over three years ago,” said Wood. “It was an additional pad that was created due to tenant demand from the shopping center across the street that we had previously built at San Gorgonio Village.”

Wood continues, “With the help of Ed Hanley and Lee Csenar of Hanley Investment Group, we were able to attain the price we set out to achieve and the transaction was smooth. I think it’s a testament to the quality of the property, the team and the tenant that makes this development so attractive long term. We look forward to doing more business with all parties involved.”

In addition to Sherwin-Williams’ ideal location within the area’s dominant regional retail hub, the property benefits from its location adjacent to two master-planned communities, Butterfield and Sundance, with approximately 9,000 residential units between both communities and its proximity to Interstate 10 (138,500 cars per day). The property is also near multiple popular tourist destinations such as Palm Springs, Morongo Resort & Casino, and Greater Palm Springs, with over 15 million annual visitors.

The city of Beaumont is part of the Inland Empire, one of the fastest-growing regions in the country. Over the last 30 years, the Inland Empire has grown by 78%, more than twice as fast as the rest of California during that same period.

According to Wood, Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers.

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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