Miramar Capital Buys Inland Empire Industrial Park for $86M
By Nick Trombola January 10, 2025 3:18 pm
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The healthy rate of industrial investment activity in Southern California’s Inland Empire to start the new year continues with the sale of a three-building complex in the region’s Jurupa Valley.
Los Angeles-based Miramar Capital paid $86 million for Serrano Industrial Park, a 332,735-square-foot property at 4350, 4388 and 4420 Serrano Drive, roughly 48 miles east of Downtown Los Angeles. Joe Cesta, Darla Longo and Erik Wanland of CBRE (CBRE) represented seller PreZero, a recycling company, in the deal. The property, which PreZero purchased for about $56.2 million in 2019, is seven miles southeast of Ontario International Airport. Titan Sliding Door Repair is also a tenant there.
“Despite broader challenges in the Inland Empire industrial market, demand remains for facilities that can support manufacturing tenants requiring heavy power,” Cesta said in a statement.
Investors have been dropping eight, nine and even 10 figures into the Inland Empire as of late.
At the beginning of this month, Norway’s Norges Bank Investment Management announced it spent $1.07 billion for a 45 percent stake in a 45-building industrial portfolio across the U.S., much of which in the Inland Empire. Meanwhile, North Palisade Partners landed a $65 million construction financing package from Affinius Capital for a planned facility in Redlands, Calif., while Brookfield sold a portfolio of 13-tenant truck terminals, which also included properties in the Inland Empire, to Realterm for $277 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
