A 127,850 square foot warehouse in Redlands, Calif. is adding to a number of properties that have recently traded hands in the Inland Empire. According to public records, the property was sold to Mesilla Valley Transportation for $35 million, or about $273 per square foot, with $25 million in new lending from Weststar Bank. The seller in the transaction was Avocado Grove 1228 LLC, an entity linked to Theron and Geneil Vines.
The building is located at 1897 E Colton Ave. on 13.75 acres. The property was built in 1967 and includes a 3,784 square foot mezzanine and four large graded doors.
The property is located just south of State Route 38 and to the east of the University of Redlands. The property is primarily surrounded by a mix of residential and commercial properties, with several industrial buildings nearby as well.
The new owner of the property is Mesilla Valley Transportation, a transportation company located throughout the Southwest. The company services the 48 contiguous United States as well as Canada and is the largest, privately-owned transportation fleet in the United States, according to its website.
Several days prior to the acquisition, Mesilla Valley Transportation sold off its Fontana distribution facility to Thor Equities. The property is located at 10516 Commerce Way and sold for $30.25 million, or about $362 per square foot.
Several industrial transactions have been recorded in the Inland Empire over the last several months. In November, Denver-based EverWest Real Estate Partners paid $55 million for a 120,651 square foot industrial building in Ontario. The property was sold by an entity linked to Penwood Real Estate Investment Management and is located at 1925 S. Grove Ave., according to previous reporting from The Registry.
During the same month, Real Estate Development Associates also purchased a 130-acre plot of land in Ontario for $122 million. The site is located along Euclid Avenue and Merrill Avenue and will be used to develop the 12-building Ontario Ranch Business Park.
