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| 154,451-SF Industrial Warehouse Building, San Bernardino, CA |
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| Frank Geraci |
San Bernardino, CA (Sept. 18,
2018) – Voit Real Estate Services has successfully directed the sale
of a newly developed 154,451 square-foot industrial warehouse building in San
Bernardino, California for a total consideration of $18.23 million.
Frank Geraci, Juan
Gutierrez and Adam Geiger
of Voit’s Inland Empire office represented the seller, a partnership between
Hartford, Connecticut-based Penwood Select Industrial Partners III, L.P., and
Newport Beach, California-based Shaw Development Partners, LLC.
The
buyer, a global consumer products company, plans to use the property for its
own operational and distribution needs.
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| Juan Gutierrez |
“The development of this property was
exceptionally well-timed in this highly competitive industrial market,” says
Geraci, Executive Vice President at Voit.
“With vacancy at a record low and
little to no for-sale industrial inventory, Shaw and Penwood recognized the
opportunity to develop a property on spec that would meet the needs of a wide
variety of users.”
Voit represented the Shaw/Penwood partnership in the 2015 acquisition of the
property, which consisted of a vacant 197,000 square-foot industrial
manufacturing building on 7.59 acres, together with an adjacent 7.12-acre parcel
of vacant land on which the subject building was entitled and developed.
“The opportunity in that
original acquisition was clear - secure a long-term lease for the existing
building and elevate the vacant land to its highest and best use by bringing an
in-demand product to market,” explains Geraci.
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| Adam Geiger |
“As extremely sophisticated owners and operators, Shaw and
Penwood developed the state-of-the-art asset from the ground-up, which offers
the functionality and design that today’s buyers and tenants are seeking.”
The newly developed property features 2,200 square feet of high-quality office
space, an ESFR fire sprinkler system, a secured fully-concrete truck court, and
ample electrical service of 1,200 amps.
“We were successful in
generating tremendous buyer interest in the sale, ultimately securing a buyer
that was capable of closing escrow in less than 60 days,” says Geraci.
“The speed of this transaction speaks to the deeper health of the local
industrial market. As demand continues to outpace supply, we will continue
to see rapid transaction velocity that will support ongoing growth in the
market.”
The property is located at
2705 Lexington Avenue in San Bernardino, California.
CONTACTS:
Lisa James / Jenn Quader
Brower Group
(949) 955-7940
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