As industrial demand in the Inland Empire remains high, properties continue to trade hands. In one recent transaction, Sares Regis disposed of an approximately 760,000 square foot industrial property in Eastvale. According to public records, the property was acquired by an entity linked to NFI Industries for $220 million, or about $289 per square foot.
The sale was arranged by Colliers’ Western Region Industrial Capital Markets Group, comprised of Michael Kendall, Gian Bruno and Kenny Patricia, as well as Colliers industrial experts Steve Bellitti, Tom Taylor and Joey Jones.
“Largely driven by continued strength in container volume through the largest port complex in the country and the sustained growth in eCommerce in Southern California, demand for available space in the Inland Empire remains insatiable, and it remains the most sought-after market in the United States,” Kendall said. “This, coupled with a flight to the safest and most dynamic markets in the country for investment capital, makes this a bellwether transaction for Industrial in the U.S.”
Built in 2000, the property is located at 3100 Milliken Ave. on more than 42 acres. The building totals 760,829 square feet. JW Mitchell, the developer of the property, sold the property to Sares Regis in 2019 for $87.5 million, according to industry reports at the time of the sale. The property was initially developed as a K-Mart distribution center, according to information from JW Mitchell’s website.
The property is situated near Ontario International Airport, within close proximity to a number of other industrial buildings. Occupants at these properties include Geodis, Target and Nordstrom, among others. NFI Industries also has a distribution building just a short distance from the newly acquired property.
NFI Industries is a third party logistics provider. The company was founded in 1932 and now has properties located throughout the United States and Canada.
Sares Regis Group was founded in 1993 with a focus on investments in multifamily and industrial properties throughout the West Coast. The industrial building is one of several dispositions made by the company in recent months. In Thousand Oaks, the company sold two newly developed buildings in Conejo Spectrum Business Park for a combined price of $69.5 million, according to previous reporting from The Registry. The two distribution buildings totaled 172,516 square feet and are located at 1515 Rancho Conejo Blvd. and 1489 Lawrence Drive.
