Shovel-Ready Industrial Site in SoCal Sells for $61M
Clarion, EBS Realty buy a property set for a 412,000-square-foot warehouse redevelopment
By Greg Cornfield July 19, 2023 5:30 pm
reprints
Industrial sales are mounting and construction is rolling in Southern California’s Inland Empire.
A 19-acre industrial site in Colton, Calif., that’s entitled for warehouse development sold for $61 million, CBRE (CBRE) announced. Investment firms Clarion Partners and EBS Realty Partners acquired the site from Hager Pacific Properties.
A new 412,000-square-foot warehouse is set to replace two vacant industrial buildings and a dirt lot by as early as the third quarter of 2024. The property is at 275 and 375 De Berry Street, adjacent to Interstate 215.
CBRE’s Darla Longo, Barbara Perrier and Eric Cox represented the seller, Newport Beach-based Hager Pacific. It was not immediately clear who represented the buyers.
U.S. investment sales of industrial properties have slowed significantly compared to 2022, but Southern California continues to be an outlier with billions of dollars in sales in both Los Angeles County and the Inland Empire. That being said, the story around leasing has turned: the Inland Empire recorded negative net absorption in the second quarter this year for the first time in 55 quarters, according to a Colliers (CIGI) market report.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
