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JLL: Demand Drives $33 Million Inland Empire-East Industrial
Redlands, Calif. — Jan. 21, 2016 — Annual industrial rent growth topping 10 percent and continued tenant demand have spurred the $33.3 million sale of Redlands Business Center in Southern California’s Inland Empire-East submarket. Clarion Partners purchased the asset on behalf of a commingled fund.
JLL Managing Directors Bo Mills and Mark Detmer represented the seller, Bixby Land Co., in the transaction.
“The Inland Empire has such strong, broad tenant demand,” Mills said. “This keeps landlords in a fortunate position where — even as one lease is expiring — they can pull from a pipeline of users who are looking for best-in-class space and are willing to commit to increasingly longer-term deals.”
In 2015, the submarket achieved 20.1 million square feet of net industrial space absorption and year-over-year industrial rent growth of more than 10 percent. Active tenant requirements continue to outpace new construction by as much as 10 million square feet, making the Inland Empire a national leader in tenant demand.
“Big-box projects in the Inland Empire offer the same logistics benefits as LA and Orange counties, but at a comparatively lower cost,” Detmer said. “These factors alone have helped Redlands Business Center maintain a historical occupancy of 94 percent and continue to reassure owners with a very positive investment outlook.”
Located at 2220 Almond Ave., Redlands Business Center totals 411,879 square feet, with 2,982 square feet of one-story office space. Project amenities include 30-foot clear height, a secured truck court, ESFR sprinklers, and ample automobile and trailer parking. The property has been institutionally owned and managed since its inception. It offers immediate access to the I-10, I-210, and I-215 Freeways as well as Ontario Airport and the nation’s busiest port system.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. For more JLL news, visit the firm’s U.S. media center Web page here.