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How hot is Inland Empire logistics sales? Sizzling.
A number of warehouses have sold in recent months for more than $100 million, with one in particular selling twice.
A 436,350-square-foot industrial warehouse leased to Toolots has been sold to investors for $125.4 million. It was the second time the building has sold in less than a year.
Oxford Properties Group in Toronto, Canada, bought the warehouse at 17783 Indian St. for $80 million from KKR LP in 2021’s fourth quarter, according to Lee & Associates. In less than a year, the investment firm flipped it, raking in a gain of nearly $46 million.
The latest buyer is RREEF Property Trust, according to Vizzda, a commercial real estate data company.
Lee & Associates tracks industrial deals in east and west Inland Empire. In late 2021, the market was still in a strong growth mode, researchers said. Now, with interest rates rising, experts expect mega-deals could ease.
“Demand continues to outpace supply with extremely low vacancy despite record high prices and lease rates in nearly all size ranges and submarkets,” the second-quarter 2022 report says.
“Despite high inflation on consumer goods and gasoline, the activity in the industrial sector continues to be strong,” Lee & Associates’ report says. “Experts predict growth may slow, but industrial sale and leasing activity is expected to continue to be robust throughout 2022. Many anticipate that interest rates will continue to rise and inflationary pressure will persist, causing cap rates to rise.”
Last week, we reported that a warehouse leased to Amazon had sold for $102 million, and a week before that, it was a Riverside warehouse selling to Greenlaw Partners in Irvine for $100 million.
Lee & Associates also highlighted big deals to the east, including a 600,000-square-foot facility in Beaumont that sold for $131 million to Exeter and a 390,000-square-foot building in Riverside that sold for $134 million to TA Realty. To the west, a 459,000-square foot warehouse at 5555 Jurupa St. in Ontario sold for $180 million to JW Mitchell Co.
Valencia Commons, a Holiday by Atria independent living community for seniors in Rancho Cucamonga, is getting a $2 million makeover.
The property owner says the project will update the community’s appearance and function. Upgrades, which are expected to be finished by the fall, are part of a multi-year $500 million investment by the owners for 200 complexes operating as “Holiday by Atria.”
The renovation will update common areas and amenity spaces including the dining room, adding a new fitness room, library, multi-purpose room, game room, salon and fixing up the atrium. Common areas and exteriors will get a fresh look, along with energy-efficient lighting.
It’s not every day you get to work on a classified project for the U.S. Navy.
Crystal Windows in Riverside has completed a window project for a classified facility at the Point Loma Naval Base. The windows overlook the Pacific Ocean near San Diego Harbor. The building, described as a “technical lighthouse” for Navy ships at sea, got 95 new windows supplied by Crystal Pacific Window & Door Systems.
The company had to build a window system that would stand up to incessant salt sea air and UV sunlight. Crystal Windows said the Navy also wanted to finish the project in a very tight timeline.
It was an “all hands on deck” moment for the Riverside team where all 95 of the windows were made. Installation was completed by B3 Construction of San Diego.
Small businesses, the smallest of the small, can still apply for the Microbusiness COVID-19 Grant Relief Program.
Launched earlier this year by San Bernardino County and Mastercard, the program rewards $2,500 grants to companies fewer than five employees. The money is aimed at offsetting business losses during the pandemic.
The county estimates 45% of local businesses are microbusinesses with 10% being minority-owned.
Eligible businesses and nonprofits can use the grant money for expenses such as the purchase of new equipment, investment in working capital, renewal of local permits, payment of business debt accrued during the pandemic, and costs resulting from COVID-19 pandemic and related health and safety restrictions or business interruptions as well as closures.
To read the fine print, go to selectsbcounty.gov.
It’s the final week to nominate a company or organization for the ninth annual Top Workplaces program.
The deadline to nominate is Friday, Aug. 5.
Last year, the Inland News Group’s program invited 1,306 companies to take the survey to determine who would make the list of Top Workplaces. In all, 50 companies or organizations took part and 33 winners were honored.
Here’s a look at who and how you can nominate local companies and organizations …
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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