Los Angeles, CA, November 9, 2022 – Dunleer, a Los Angeles-based private real estate investment and development firm, today announced it has acquired 11 industrial buildings totaling 43,414-square-feet situated on three separate parcels across 3.13 acres at 928, 1004 and 1024 9th Street in Upland, CA. Dunleer paid $8 million for the well-located infill assets within the Inland Empire West submarket of San Bernardino County.
“Upland’s neighboring San Gabriel Valley submarket is currently experiencing an industrial market vacancy rate below .5%, and the Industrial Empire has been among the top performing industrial submarkets in the entire nation. The vast majority of inventory in the Inland Empire is comprised of big box warehouse space, with small bay product comprising a small percentage of total area and vacancy levels at record lows. This extremely tight market is also elevating rents. Ultimately, the Los Angeles County market fundamentals are forcing more users to seek space further east which creates favorable demand dynamics for Inland Empire West submarkets, including Upland,” said BJ Turner, Founder of Dunleer.
The buildings, which include a total of 12 units, are less than a quarter of a mile from Interstate 10, providing direct access to Los Angeles and the greater Southern California region. They are also proximate to Ontario International Airport, which was ranked in the top 10 for cargo import and export volume in 2021.
Dunleer remains bullish on Southern California infill industrial real estate, even with current macro-economic headwinds.
“We believe that by taking a long-term view, we can help mitigate any short-term economic headwinds. Ultimately, it is our opinion that supply and demand dynamics will be favorable for infill Southern California industrial real estate,” added Turner.
Joe Harmon and Charles Johnson from DAUM represented both the buyer and seller on this transaction.
About Dunleer, LLC: Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.
