Cabot Properties has paid $202.1 million for the IE 4-Pack portfolio, a four-building industrial assortment totaling 669,057 sq. ft within the Inland Empire. The vendor was Hyperlink Logistics, in line with CommercialEdge. Colliers brokered the deal.
Located in Ontario, Calif., Fontana, Calif., and San Bernardino, Calif., all belongings had been absolutely leased on the time of sale, with a remaining weighted common lease time period of three.6 years.
Cabot Properties had developed and bought three of the properties between 2018 and 2021, the identical supply exhibits. The familiarity with the belongings and their tenants considerably influenced the acquisition determination, mentioned Cabot Director of Investments Chelsea Tamuk Levane in ready remarks.
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The portfolio consists of:
1670 Champagne Ave. in Ontario, a 263,670-square-foot property accomplished in 2000.
1651 S. Carlos Ave. in Ontario, a 147,484-square-foot facility that got here on-line in 1989.
10917 Cherry Ave. in Fontana, inbuilt 2019 and totaling 103,343 sq. ft.
750 S. Valley View Ave. in San Bernardino. The 154,560-square-foot property got here on-line in 2018.
The Ontario properties are inside 7 miles of one another and near Ontario Worldwide Airport, whereas the Fontana and San Bernardino belongings are inside 15 miles of one another and permit quick access to interstates 10 and 215.
The Colliers group that marketed the economic belongings on the market and led the acquisition course of included Vice Chairmen Michael Kendall, Thomas Taylor and Steve Bellitti, Government Vice President Joey Jones, Senior Vice President Gian Bruno, Vice President Kenny Patricia and Affiliate Kylie Jones.
The Inland Empire nonetheless sees massive offers
U.S. industrial transactions amounted to $43.7 billion throughout the first three quarters of the yr, in line with a latest CommercialEdge industrial report, the typical sale costs displaying a constant enhance over the yr. Nevertheless, funding exercise in some key markets, together with the Inland Empire, skilled a slowdown.
The area has been among the many prime 4 markets for gross sales quantity up to now six years, however in 2024 the Inland Empire slid into the ninth place nationwide, witnessing lesser funding exercise and an 8 % drop in common sale costs, from the $289 per sq. foot in September 2022 to the $265 per sq. foot recorded this September.
Nevertheless, the metro continued to see some giant industrial offers, the sale of the IE 4-Pack portfolio being one of many priciest transactions that closed this yr up to now. In one other important deal, EQT Exeter paid $197 million for Commerce Manner Distribution Heart, an industrial facility totaling 819,004 sq. ft in Fontana.
