A 64,000 square foot property in the Inland Empire’s Rialto neighborhood has been put on the market, offering potential investors the chance to acquire a two-building office and industrial property along with 18.94 acres of land.
According to an offering memorandum obtained by The Registry, the property, which is listed as unpriced, is owned and solely occupied by Columbia Steel Inc., a nationwide steel fabrication company.
The property is located at 2175 & 2135 N. Linden Avenue on 13.95 acres with an additional 18 acre lot attached. According to public records, Columbia Steel has owned the facility since 2015.
While split between two facilities, the offering memorandum shows that the property at 2175 Linden Avenue is 64,000 square feet with approximately 8,000 square feet of office space, a 3,500 square foot outbuilding and a steel fabrication facility.
The property at 2135 N. Linden Avenue is developed with a 7,200 square foot building with 4,000 square feet of office space and a 3,200 square-foot warehouse.
While guidance pricing on the property has not been made available, a second industrial market report from Lee & Associates showed several nearby transactions that took place over the last several months. One such transaction was Principal Real Estate Investor’s $61.5 million acquisition of a 395,601 square foot property at 1070 S. Waterman Avenue in San Bernardino.
Additionally, a Class A industrial building totaling 289,542 square feet at 533 E. 3rd Street in Beaumont was sold to PSF Dura California for $27.3 million.
The property is located in Rialto, with neighboring communities including Fontana, San Bernardino and Rancho Cucamonga. While primarily a residential location with many single family homes, the area is also a hub for many industrial properties in the Inland Empire. Nearby are manufacturing and distribution centers, with tenants including Amazon, Monster, Link Industrial, Kellogg’s and more. The property is also in close proximity to major freeways, including Interstates 15 and 215. State Road 210 also runs adjacent to the property.
According to Lee & Associates, the Inland Empire’s industrial market continues to succeed, with expected growth throughout the duration of the year. In a second quarter industrial market report for 2021, the brokerage firm reported a gross net absorption rate of 3.9 million square feet. Vacancy was also at just 1.24 percent at the end of the second quarter, causing rental rates in the region to rise to approximately $10.27 per square foot. In the first quarter of 2020, rental rates in the region were $10.25, the brokerage firm reported.
While vacancy rates remain low and the region continues to report positive net absorption, the Inland Empire could potentially face challenges due to the lack of available product. Despite the 14.2 million square feet of product currently under construction, product in the region is expected to be taken up quickly, the report showed.
Lee & Associates did not respond to requests for comment.