A nine-building industrial incubator project located at 360-458 East Rialto Avenue in San Bernardino has been sold for $9.2 million.
CBRE represented the seller, a partnership between Birtcher Anderson & Davis and Belay Investment Group. The 52,600-square foot industrial center had 47 tenants and was 97 percent leased when it changed hands.
“This property has a strong tenancy history,” said Mr. Cemo, first vice president at CBRE. “With its high occupancy, the property offers stability, cash flow and diversification for the new owner. New ownership will also benefit in capturing future upside by continuing the business plan in bringing in-place rents to market levels.”
The 52,642 sq. ft. property also features 9 ft. to 12 ft. clear heights and 56 ground-level loading doors.
The 3-acre industrial center is east of Interstate 215 and minutes from the San Bernardino International Airport, providing quick access to and from various tenants in the building.
According to CBRE Research, the Inland Empire remains the strongest industrial market in the U.S. The region consists of over 656 million sq. ft. of industrial inventory and a low vacancy rate of 3.5% in Q3 of this year.