Thor Equities Pays $364 psf for Inland Empire Warehouse
By Greg Cornfield November 29, 2022 4:00 pm
reprints
Thor Equities Group is growing its industrial footprint in Southern California, acquiring a fully leased logistics property in the Inland Empire for its third warehouse in the region, Commercial Observer can first report.
The New York-based company acquired the 83,227-square-foot asset for $30.3 million, or about $364 per square foot, sources said. The site is on 3.8 acres at 10516 Commerce Way in Fontana, Calif., in San Bernardino County.
“Located in the West Inland Empire, one of the strongest industrial submarkets in the entire nation, 10516 Commerce Way offers users a rare opportunity to access millions of consumers on the West Coast in record time,” Thor Chairman Joe Sitt said in a statement. “Given the low supply and robust demand for well-connected assets in the Inland Empire, this acquisition is especially exciting for us as we expand our footprint in Southern California.”
According to Commercial Edge’s most recent industrial market report, the Inland Empire’s average industrial rent grew 11.6 percent in the past 12 months to $7.74 per square foot. The market is incredibly tight with a 1 percent vacancy rate, lower than the 4 percent national rate.
Thor’s additional industrial holdings in Southern California include a cold-storage warehouse leased to Anheuser-Busch in the southern part of Los Angeles County, which traded for $85 million, or $535 per square foot, in July.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
