Warehousing Demand Soars with a $220M Industrial Property Sale in Eastvale, Calif.

By: Sharjeel Sohaib

• 

Dec 10, 2022

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Key Points:

  • Third-party logistics company NFI Industries has paid $220 million, or nearly $290 per square foot, for a 759,260-square-foot distribution facility in Eastvale, California, with industrial demand close to record levels. 
  • According to records, Sares Regis Group bought the property in 2019 for $87.5 million from its developer, J.W. Mitchell Company, and then sold it.
Source: City of Eastvale

NFI Industries Purchased a 759,260-square-foot distribution Center From SRG

A supplier of supply chain solutions NFI Industries, Inc purchased a distribution center in Inland Empire from Sares Regis Group (SRG) on December 1st, 2022. 

NFI provides services in the following areas: 

  • Port drayage.
  • Intermodal.
  • International logistics.
  • Brokerage.
  • Transportation management.
  • Warehousing and distribution.
  • eCommerce fulfillment.
  • Transportation and industrial real estate. 

SRG was established in 1993 as the premier west coast real estate development and investment company concentrating on multifamily and commercial buildings.

The distribution facility, next to a Prologis warehouse and several other industrial buildings, was constructed in 2000 on 42.8 acres at 13000 Mission Boulevard and 3100 Milliken Avenue. Although it was formerly leased to Kmart, it’s not apparent whether there is a tenant there right now. Requests for feedback were not promptly answered by either the buyer or the seller.

Inland Empire Has Closed $4B in Warehouse Sales In 2022

According to a recent analysis from CommercialEdge, the Inland Empire closed warehouse acquisitions worth $4.06 billion this year through October, with an average price of $301 per square foot. 

Rent growth continues to dominate port areas like those in Southern California. In the Inland Empire, rentals increased 11.6 percent over a year that ended in October.

Read More: US Has Closed $72B in Warehouse Sales So Far in 2022

Industrial Market in the Inland Empire

Rising interest rates and flattening e-commerce sales growth do not affect the Inland Empire’s industrial market.

The nation’s industrial development pipeline is still expanding, now at 713.6 million square feet under construction, and vacancies remain low, signaling that demand continues to outpace supply and new deliveries. However, the paper claims that the industry has suffered from the unpredictability of the financial market’s climate.

Other Purchases in the Inland Empire

Best Buy leased 501,649 square feet in the bigger industrial park known as LogistiCenter at Eastvale earlier this year. In the summer, Rexford Industrial Realty purchased a brand-new 1.1 million-square-foot complex for $471.7 million, or $445 per square foot.

The seller’s interests were represented in the transaction by Colliers’ Michael Kendall, Gian Bruno, Kenny Patricia, Steve Bellitti, Tom Taylor, and Joey Jones, who offered market knowledge.

Shein Clothing Opening a Massive Distribution Center

The fast fashion company Shein is establishing a 1.8 million square foot distribution center in Cherry Valley, an Inland Empire city, in 2023. Establishing the center here may bring many unique opportunities for workers and boost Inland Empire’s labor ratio. 

Read Here: Shein Clothing to Open a Massive Distribution Center in the Inland Empire

Real Estate Development Associates (Reda) Plans to Build Industrial Development in a Socal-Based Distribution Center 

Real Estate Development Associates (REDA) plans to build another significant new industrial development in Southern California, this time in a distribution center utilized by the nation’s leading eCommerce and logistics firms. REDA paid $122 million for 130.2 acres in the Inland Empire and will build one phase of the South Ontario Logistics Center near the Chino Airport. 

Read Here: REDA Pays $122M for 130 Acres of Industrial Land in Southern California.

Wrap Up!

On December 1st, 2022, Sares Regis Group (SRG) sold a 759,260-square-foot distribution center in the Inland Empire to NFI Industries, Inc. In 2019, SRG paid its developer, J.W. Mitchell Company, $87.5 million for the property and then sold it.

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