Saturday, June 14, 2014

HFF closes $19.95 million sale of Class A distribution center in California’s Inland Empire


Anthony Brent
IRVINE, CA – HFF announced it has closed the $19.95 million sale of Rialto Distribution Center, a 247,226-square-foot, Class A distribution center in Rialto, California.

HFF marketed the property on behalf of Thackeray Partners.  Industrial Property Trust Inc. (“IPT”) purchased the unencumbered asset for $19.95 million.

Rialto Distribution Center is located at 181 South Larch Avenue just north of Interstate 10 in Rialto.  Completed in 2009, the facility is 100 percent leased to Bissell, Inc.

The HFF team representing the seller was led by senior managing directors Anthony Brent and Brett Tremaine and managing director Ryan Martin. 

Formed in 2005, Thackeray Partners invests in real estate through a series of private equity funds. 

  Since inception, Thackeray has closed or committed to transactions totaling more than $2 billion, representing equity placements of approximately $600 million. 

Ryan Martin
Total investment activity includes 146 separate transactions representing more than 14,000 apartment units, almost 10.6 million square feet of industrial space and just under 4.4 million square feet of retail space.

IPT is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers.  

IPT's core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs.  

IPT has operated and elected to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the taxable year that ended on December 31, 2013, and IPT intends to continue to operate in accordance with the requirements for qualification as a REIT.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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