Bixby JV Sells Inland Empire Industrial Facility
Overton Moore Properties has purchased 19949 Kendall Drive, a 104,500-square-foot industrial property in San Bernardino, Calif. A joint venture between Bixby Land Co. and a global investment manager sold the Class A facility that was fully leased at the time of closing. JLL represented the seller and procured the buyer.
The joint venture had acquired 19949 Kendall Drive in a four-building, Class A portfolio transaction totaling 982,493 square feet. A $48.9 million loan from HFF had financed the purchase.
READ ALSO: The Inland Empire’s Industrial Strength Doesn’t Wane
Completed in 2008, the facility features 30-foot clear heights, 15 dock-high doors, four grade-level doors, an ESFR sprinkler system and a fully secured 140-foot truck court with multiple points of access. The property also includes 3,000 square feet of office on the mezzanine level, a 1,530-square-foot showroom and approximately 100 parking spaces.
Situated within Inland Empire’s Fontana submarket, the facility is near Interstate 215, which leads directly to downtown San Bernardino. The location provides access across Southern California’s major transportation corridors and critical distribution and logistics hubs.
The property is also 2 miles from Hallmark Distribution Center, a 340,080-square-foot industrial facility that Bixby Land sold in May. Dalfen Industrial acquired the fully occupied asset.
The Inland Empire, a leader in industrial rent growth
The Inland Empire recorded $709 million in industrial sales year-to-date as of May, according to a recent CommercialEdge report. In one of the largest deals, EQT Exeter paid $197 million for Commerce Way Distribution Center, an 819,004-square-foot property in Fontana, Calif.
The metro had the highest industrial rent growth once again, with in-place rents increasing 12.6 percent over the last 12 months. New leases were signed at $13.75 per square foot, $3.56 above in-place rents.
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