San Francisco-based investment company Stockbridge is expanding its presence in Southern California, with the recent purchase of an industrial property in the Inland Empire.
In a deal that closed in late October, the company purchased a 5.02-acre industrial site for $20 million. The property was sold by an entity affiliated with Ronald C. Willemsen, according to public records.
The property is located at 5551 State St. in Montclair and is home to a 2,565 square foot office space and a 17,500 square foot warehouse building, according to a previous listing for the property from Lee & Associates.
The industrial site is currently occupied by Intravaia Rock & Sand, according to Google Maps.
The property is located in an industrial location near several recycling facilities and distribution centers. The property also sits on the border of Ontario and Montclair, just several miles from Ontario International Airport.
Industrial space in the Inland Empire remains tight, with historically low vacancies of 0.5 percent. According to a third quarter Inland Empire market report from CBRE, gross activity in the Inland Empire has more than doubled since the second quarter of the year to 16 million square feet due to several preleases. At the same time, asking rents increased year-over-year to $1.46 per square foot.
