Bisnow Exclusive: Inland Empire Industrial Sold for $37M
Bisnow has learned that a 377k SF industrial building has been purchased in Eastvale by TIAA-CREF.
Colliers EVP Ian DeVries (pictured at an event with cheerleaders from the San Diego Chargers) repped the seller in the deal for the building, leased through 2020 to HVAC firm Lennox International. Ian says the $36.7M deal sets the bar higher for Inland Empire real estate, as the market heats up.
Ian also tells us the buyer was able to close at a 4 cap from seller TA Associates Realty Fund IX due to Lennox's low rent and long-term lease. He says TIAA-CREF has room for about a 15% growth in the rental rates over time, which helped close the deal.
The building was constructed in 2000, and includes 11k SF of office build-out, 30’ minimum clearance and 185’ all concrete truck court. The 4000 Hamner Ave warehouse has easy access to three freeways and the Ontario Airport. TA was also repped by a team from CBRE.