As one of the strongest industrial markets in the nation, the Inland Empire continues to see activity, with new properties continuing to be added to the market. One property to recently be placed up for sale is a 54,862 square foot warehouse. The property is up for sale with an asking price of $20.5 million, or approximately $374 per square foot, according to Newmark, which has the listing.
The property is located at 10588 Monte Vista Ave. on about 2.34 acres. Built in 2018, the property is occupied by ATG Electronics, a lighting manufacturer, which moved into the site in 2020. The site is utilized by ATG Electronics as both a distribution center and its main office.
The site is situated at the corner of Monte Vista Avenue and Brooks Street. The site is surrounded by a mix of property types, including industrial, commercial and retail buildings. The site is also within close proximity of Interstate 10. Ontario International Airport, which is also surrounded by a significant amount of industrial properties, is also a short drive from the site.
Overall, the Inland Empire’s industrial market has remained tight over the past several quarters, with Newmark reporting a 2.2 percent vacancy rate as of the first quarter of the year. While still low in comparison to other markets, the vacancy rate did increase slightly quarter-over-quarter from 2.21 percent in the fourth quarter of 2022. This is likely due to new product being placed on the market, with the report showing eight million square feet of product delivered in the first quarter. Average asking rents also have increased slightly, rising from $1.45 per square foot per month to $1.52 per square foot per month over the last quarter.
A number of industrial properties have traded hands in the Inland Empire over the past several months. In neighboring Ontario, for instance, Link Logistics, acquired an Autozone distribution center for $125 million, or about $255 per square foot. The 489,989 square foot industrial property is located at 1800 S Wineville Ave. and was sold by JP Morgan Asset Management.
