(EDITOR’S NOTE: According to industry reporting, the property sold for $59.6 million, or approximately $251.79 per square foot.)
Ontario, Calif., (August 24, 2021) – DAUM Commercial Real Estate Services has completed the sale of a 236,700 square-foot freestanding industrial building in the Inland Empire submarket of Ontario, California to Newport Beach-based Nuveen Real Estate, one of the world’s largest real estate investment managers.
The asset was acquired from the occupant, Myers Power Products, Inc., an industry leader in the design and manufacture of engineered-to-order power distribution equipment, in a sale-leaseback transaction, according to Chris Migliori, Executive Vice President at DAUM Commercial.
“The seller had an exceptionally well-located, 100%-leased Class A industrial asset in one of the most desirable submarkets in the Inland Empire,” says Migliori. “Based on deep, long-standing relationships with industrial investors active throughout Southern California, we were able to quickly source an experienced, well-capitalized buyer who recognized the full value of the asset, ultimately securing above asking price.”
One of the top industrial markets in Southern California and the country, the Inland Empire has continued on an accelerated growth trajectory due to the rise of eCommerce driven by the pandemic, with direct vacancy rates tightening to 2.3% in Q2.
“The tenant invested significant capital in the property over the last 12 years of ownership and occupancy, so it is ideally suited to facilitate the company’s full in-house manufacturing capabilities including metal fabrication, state-of-the-art paint systems, assembly, integration, and testing,” explains Migliori. “Myers, which serves a range of customers including utilities, commercial and industrial firms, local government and national government agencies, is now under a new, five-year triple net lease agreement with Nuveen.”
The property is ideally located adjacent to the Ontario International Airport and bounded by Interstate 10, Interstate 15, State Route 60, and State Route 83, allowing for ease-of-access throughout the region.
Situated on 12 acres of land, the building features two oversized grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4000 amps, a fenced yard, and is naturally divisible.
The property is located at 2950 E. Philadelphia Street in Ontario, California.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has ten offices throughout Southern California and Arizona.