One of the largest real estate investment firms in the United States has purchased two warehouses in the Inland Empire as part of an off-market transaction.
TA Realty acquired the industrial buildings at 120 Puente Ave. in Industry and 451 Cota St. in Corona for $133.5 million from JCS Properties. Stream Realty Partners Senior Vice Presidents Stefan Pastor and Brad Yates represented the buyer in the transaction.
Since joining Stream in March, Pastor and Yates have focused their efforts on increasing the number of investment sales and leasing transactions and growing the firm’s industrial portfolio as part of a five-member team. The pair recently represented Forbes Industries in the sale of its 106,088-square-foot warehouse in Ontario. Stream, a national real estate services, development, and investment firm, now operates an Inland Empire location in Corona.
“Given all the unsolicited offers the seller received, they ultimately decided to work with Stream and their buyer because of the flexibility and relationship they were able to offer,” Pastor said in a statement. “This was a unique portfolio sale in that the two buildings had staggered closing dates with their own unique challenges. But both sides were able to work together toward a mutually beneficial closing solution.”
The Industry property, with 253,670 square feet, sold for $92 million and offers several Class A amenities including refrigeration rooms in the warehouse and a third-story office space with a training room, full kitchen, and bar area for clients and employees. It is currently 100% occupied.
The Corona warehouse, with 140,276 square feet, sold for $41.5 million and features a larger-than-normal truck court along with 11 dock doors, three drive-in bays, and 160 standard parking spaces. The two-tenant building was 43% occupied at the close of escrow. Within the last 365 days in the City of Corona, there have been 160 commercial real estate transactions. The average size was 20,000 square feet, while the average sale price landed at $293 per square foot.
The West Inland Empire industrial market is composed of more than 334 million rentable square feet of industrial space. It saw six million rentable square feet of positive gross absorption in the second quarter of 2022. Vacancy remains at an all-time low of 0.38%.
