Dermody Properties Pays $66M for 250K-SF Warehouse in Southern California
By Greg Cornfield June 23, 2023 3:15 pm
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Another warehouse has traded hands in Southern California’s Inland Empire, adding to the most active market for industrial investment sales in the United States.
Industrial real estate developer Dermody Properties has agreed to pay $65.8 million for a 250,111-square-foot property on 12 acres at 5685 Industrial Parkway in San Bernardino, Calif., according to data provided by Vizzda. Los Angeles-based AND Asset Management sold the site.
Dean Warehouse Services leases the property just off Interstate 215 near the Palm Avenue exit.
Almost $1.7 billion in industrial investment sales closed in the Inland Empire in the first four months of 2023, more than twice the volume as the second-place market, and nearly three times as much as the first four months of 2022. Recently in Bloomington, Calif., New York Life Insurance agreed to pay $84.2 million for a 272,120-square-foot warehouse, and Howard Industrial Partners paid $132.8 million for nearly 90 acres of land.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
