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| 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.
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| 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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