In the Inland Empire, there has been no shortage of industrial property sales in recent months. In one transaction that closed at the end of December, Countrywide Pallet Inc., an entity tracing to Aureliano Mora, purchased a 6.25-acre industrial site in Bloomington, Calif. for $15 million. The seller in the transaction was an entity linked to Pablo and Laura Gonzalez, according to public records.
The property is located at 288 East Santa Ana Ave. and includes 11,461 square feet of development on the larger industrial yard. In total, the property consists of a 10,000 square foot storage building and a 1,461 square feet of office space built in 1942, records show.
The site is located in a primarily industrial area, just south of Interstate 10. Nearby are several other distribution and manufacturing facilities occupied by companies like Walmart, Amazon and FedEx.
Overall, the Inland Empire’s industrial market has seen a significant amount of demand throughout the last several years. According to a third quarter market report from Colliers, net absorption closed out the third quarter at 2.9 million square feet, and vacancy decreased to 0.7 percent. In addition, rental rates increased by 1.3 percent quarter-over-quarter to $1.56 per square foot.
With high demand in the region, the Inland Empire has continued to see a number of sales in recent months. In one recent deal, GLP Capital Partners paid $90 million, or about $254 per square foot for a 354,810 square foot industrial property at 251 E. Rider St. in Perris.
In another recent deal, a 205,589 square foot property at 100 Walnut Ave. in Perris was sold to Ares Management for $59.275 million, or about $288 per square foot. The property was sold by an entity affiliated with Eran Bitton, the CEO of Ring of Fire, a clothing manufacturer in Van Nuys.
