Cushman & Wakefield Completes Sale of Two California Industrial Buildings

BEAUMONT, Calif. - July 9, 2015 - PRLog -- Cushman & Wakefield has completed the sale of 920 4th Street (127,700 SF) and 415 Nicholas Road (444,450 SF), a logistics center comprised of two industrial buildings on approximately 30 acres in Beaumont, California.  The commercial real estate services firm’s Ontario, California-based team of Kyle Kehner, Milo Lipson, Tim Pimentel and Ryan Velasquez represented the seller, CT Beaumont Partners LLC.

The buyer of 920 4th Street, Rudolph Foods Co. Inc., was represented by David Consani of CBRE; 415 Nicholas Road’s buyer, Valley View Center LLC, was represented by Jim Panting of Commercial Realty Advisors.

The LEED Gold-certified industrial property is located in the desirable Inland Empire East submarket at the southwest intersection of the I-60 and I-10 freeways. The two-building Beaumont Distribution Center was completed in 2008 and boasts 32-foot clear heights, ESFR fire sprinkler systems and fully secured concrete truck courts.

Both buildings were vacant at the time of sale, according to Kehner. “The buyer of 920 4th Street is a manufacturer that already had a local presence, and the 415 Nicholas Road buyer is an investor in a 1033 exchange that was looking to acquire quality product below replacement cost.”

The sale comes in an industrial market where fundamentals are at all-time highs. Year-to-date, Cushman & Wakefield reported that the Inland Empire leads the nation in new leasing activity at 22.2 million square feet. In second quarter alone, 12.9 million square feet has leased, an all-time record for the market. The market also leads the nation in year-to-date net absorption at 12.0 million square feet and has the most product under construction in the U.S. at 18.3 million square feet. Despite over 9.4 million square feet of construction completions so far this year, the overall vacancy rate has declined to 5.8%, the lowest vacancy rate in the Inland Empire since 2007.

Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2014 globally, this group completed more than 8,200 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 337 million square feet with an aggregate value in excess of $16.8 billion.