More industrial space is trading hands in the Inland Empire, showing that the area remains of interest to investors in the region. According to public records, an entity tracing to CIRE Equity acquired a 829,013 square foot industrial property in Victorville for $67.5 million, or approximately $81 per square foot. The seller in the transaction was GoodYear Tire, which also occupies the space.
The property is located at 17477 Nisqualli Road and consists of one building on more than 40 acres of land. The site is located amongst various distribution and manufacturing facilities occupied by companies like The Nutro Company, Sherwin-Williams and many others.
CIRE Equity is a San Diego-based vertically integrated real estate private equity firm and investment platform. The firm has a diversified portfolio of commercial properties throughout the nation with 718 million worth of assets under management and a historical portfolio of 3.9 million square feet.
CIRE Equity has been involved in other real estate transactions throughout the Inland Empire in recent months.
In one transaction, an entity linked to San Diego-based real estate investment trust CIRE Equity sold a 225,461 square foot shopping center in Fontana. The shopping center, also known as Summit Heights Gateway is located at 14960 Summit Ave. and was acquired by an entity affiliated with Cardenas Markets for $22.65 million, or about $100 per square foot.
