Dalfen Industrial Buys 340 KSF Inland Empire Asset
Bixby Land Co. has sold Hallmark Distribution Center, a Class A, 340,080-square-foot industrial facility in San Bernardino, Calif. Dalfen Industrial acquired the property, which is currently fully occupied by two tenants. JLL negotiated on behalf of the seller and procured the buyer.
Completed in 2018, Hallmark Distribution Center features 32-foot clear heights, ESFR sprinkler systems, 47 dock-high doors, two grade-level doors and 233 vehicle parking spots, according to CommercialEdge. The one-story industrial building previously changed hands in 2019 for $33.3 million, when Bixby Land Co. picked it up from EBS Realty Partners.
Located at 4982 Hallmark Parkway, the roughly 15-acre asset provides easy access to major transportation routes in the Inland Empire through interstates 215, 10 and 15. It is also 9 miles from San Bernardino International Airport and within 23 miles of Ontario International Airport. Additionally, the industrial property is some 77 miles from The Port of Los Angeles and The Port of Long Beach.
JLL’s Evan Moran, Ryan Sitov, Mark Detmer and Patrick Nally led the Investment Sales and Advisory team that represented the seller; the Inland Empire Markets Team, led by Ruben Goodsell, Jeff Bellitti, Mike McCrary and Patrick Wood, also rendered its assistance. In addition, Kevin Mackenzie and Brian Trop headed the Debt Advisory team that was involved in the deal.
Industrial investment in the Inland Empire
The Inland Empire’s transaction volume in the first three months of 2024 totaled $382 million, according to a recent CommercialEdge report, outperformed only by Los Angeles among the Western markets. Industrial assets in the area changed hands at an average sale price of $212 per square foot, above the national average of $147.
Last month, EQT Exeter made a considerable purchase in the area: The company paid $197 million for Commerce Way Distribution Center, a cross-dock industrial facility totaling 819,004 square feet in Fontana, Calif.
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