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New Jersey-based NFI Industries dropped $220M to buy a 761K SF warehouse and distribution facility in the Inland Empire city of Eastvale, California.
The transaction for 13000 Mission Blvd. in Eastvale is among the top single-asset industrial sales by price in the area, LA Business First reported. Only 10 comparable transactions have closed in the past five years, according to Colliers.
The Inland Empire's third-quarter vacancy rate was 0.7%, according to a Colliers report for the time period. Though less than a percentage point, vacancy was still up from the previous quarter's 0.5%. There were over 42M SF of new product under construction at the time. Average asking rents hit a new high, reaching $1.56 on a triple-net basis, or a 58% increase year-over-year.
Newport Beach's Sares Regis Group sold the property. Colliers West Region Capital Group's Michael Kendall, Gian Bruno and Kenny Patricia with Colliers' Steve Bellitti, Tom Taylor and Joey Jones, brokered the sale. Kendall exclusively listed the property and represented the seller in the transaction.
“We are excited to execute on the continued growth of our real estate platform, especially in Southern California, one of our core investment markets,” NFI Industries Chief Development Officer Michael Landsburg told LA Business First.
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