The Inland Empire is continuing to see industrial properties trade hands. One recent deal involved a 112,259 square foot property in Colton, which was acquired by an entity tracing to DRA Advisors for $19 million, or about $169 per square foot. The seller in the transaction is an entity affiliated with The Bendetti Company.
The property is located at 2273-2283 La Crosse Ave. and consists of six buildings constructed in 1990. The property also includes 6.63 acres of industrial land.
The industrial site is located just off Interstate 215, near other warehouse, manufacturing and distribution facilities. Nearby businesses include a Sprouts distribution center, Lineage Logistics, Inland Overhead Door and others.
Founded in 1986, DRA Advisors specializes in value-add real estate investments throughout the United States, with a portfolio of $13.5 billion in managed assets. Its industrial portfolio consists of 410 properties across 28 states, and its California portfolio includes 49 properties with more than 2.9 million square feet of industrial space, according to its website.
The Irvine-based The Bendetti Company was founded in 1964 and is involved in the development, acquisition and management of commercial real estate. The firm’s portfolio currently consists of four million square feet of assets, $650 million worth of investments under management and 750 tenants.
Colton has seen other industrial deals in recent months.
One recent deal involved a 19-acre industrial site in Colton, which was acquired by Clarion Partners and EBS Realty Partners for $61 million, according to an announcement from CBRE, which brokered the deal. Located at 275 and 375 De Berry Street, the site is approved for the construction of a 412,000 square foot warehouse.
