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Partners Capital Acquires 92k SF Industrial Building in San Bernardino, CA for $8.65 Million
Los Angeles-based investment firm continues to build its Southern California industrial portfolio
By: Partners Capital
The building is located at 535 E. Tennis Court Lane with direct access to truck routes I -215, I-15 and I-10. The building is 100 percent leased to NY-based auto parts distributor Parts Authority as its West Coast distribution hub. Corporate neighbors includes Amazon, Kohl's, Pep Boys, Stater Brothers, Mattell, Pepsi Co., Pactiv, Kohler, and Burlington Coat Factory, which all operate warehouse and distribution centers.
Partners Capital acquired the property as part of a 1031 Exchange transaction following the disposition of two brick-and-mortar retail assets in San Francisco and Las Vegas.
"We see investment in industrial as a strategic retail play," said Partner Capital Vice President of Acquisitions Mark Blumenthal. "E-commerce is still in its infancy. Going forward, there will be even greater demand for well-located distribution and fulfillment centers as millennials who make more than half of their purchases online, begin to outnumber baby boomers," he said.
This is the sixth industrial acquisition for Partners Capital in the past 18 months. The industrial marketplace is a cornerstone of the firm's investment platform, especially for buildings under 200,000 square feet in Southern California, according to Blumenthal.
"The market is extremely tight for small to mid-cap retailers who want to lease or own their own buildings," added Bobby Khorshidi President of Partners Capital (http://www.partcap.com). "Much of the new inventory being built is targeting multi-national retailers with space requirements of 300,000 square feet or larger. This has created an attractive investment opportunity."
Remington Moses, a principal of Lee and Associates in the firm's Gardena office represented Partners Capital in the transaction. Guss Andros, executive vice president in Daum Commercial's Ontario office represented the seller.
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