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| Sharon Wortmann |
LOS ANGELES, CA – JLL announced it has closed the $191.11 million sale and arranged $200 million in financing for Fourth Street Distribution Center, 1.43-million-square-foot distribution center/fulfillment center and a 23,240-square-foot retail building in Rancho Cucamonga, California.
The sale set a record as the largest non-portfolio sale in the Inland Empire.
The sale set a record as the largest non-portfolio sale in the Inland Empire.
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| Mark Detmer |
Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate bridge loan with an institutional advisor. JLL also was awarded the leasing assignment for the property.
Fourth Street Distribution Center was originally developed in 1984. The property is in Rancho Cucamonga, which provides access to the growing Southern California population of more than 25 million people.
The property is situated on 91.39 acres at 12434 Fourth Street in the Inland Empire West (IEW) Industrial submarket, an infill market that is one of the most active in the U.S., and within a 60-mile radius of more than 17.1 million people.
The IEW submarket boasts exceptional access to all points throughout the Los Angeles basin and the greater Southwestern U.S. via its expansive transportation network, which continues to drive logistics demand.
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| Bo Mills |
Additionally, Fourth Street Distribution Center is within 61 miles of both the Ports of Los Angeles and Long Beach, the nation’s largest and busiest container port complex where 40% of cargo from overseas enters the United States, is 16 miles from the San Bernardino B.N.S.F Intermodal Yard and proximate to three airports.
The JLL Capital Markets team representing the seller was led by Executive Managing Directors Mark Detmer and Bo Mills, Senior Vice Presidents Ryan Sitov and Sharon Wortmann, Managing Director Mike McCrary and International Director - Industrial Services Peter McWilliams.
The JLL Capital Markets debt placement team representing the new owner included Senior Director Brian Torp, Executive Managing Director Kevin MacKenzie and Managing Director Brian Halpern.
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| Ryan Sitov |
“With a 2.3% vacancy and only 10.9 million square feet of space under construction in the Inland Empire West, the submarket is poised for another robust year of absorption and continued rising rents,” said McWilliams, who leads the team now representing Bridge Development Partners in the leasing assignment.
“Further, the IEW submarket fundamentals are exceptionally strong with user demand outstripping availabilities in the one million-square-foot large box segment. The project is ideally positioned to capture this demand given the central location and features users are seeking in today’s market.”
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| Mike McCrary |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
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| Kevin MacKenzie |
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
About Bridge Development Partners
BRIDGE is in the business of providing opportunistic and value add returns to our investors and partners.
The firm accomplishes this through identifying and executing industrial development and value-add acquisitions in the supply-constrained U.S. core industrial markets.
BRIDGE’s people embrace complexity and execute with creativity and certainty. The results of their expertise and efforts are exceptional investor returns on irreplaceable industrial assets.
The firm accomplishes this through identifying and executing industrial development and value-add acquisitions in the supply-constrained U.S. core industrial markets.
BRIDGE’s people embrace complexity and execute with creativity and certainty. The results of their expertise and efforts are exceptional investor returns on irreplaceable industrial assets.
Contacts:
Mark Detmer, SIOR, CCIM
California License #: 02001329
Phone: +1 213 239 6377
Peter McWilliams
California License #: #00973278
Phone: +1 909 467 6860
Email: peter.mcwilliams@am.jll.com
Kimberly Steele
JLL Digital Content/PR Specialist
Phone: +1 713 852 3420
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