CBRE announced the sale of a 19-acre industrial site in Colton, Calif. to Los Angeles-based real estate investment firm Clarion Partners and Orange County-based investment firm EBS Realty Partners for $61 million.
CBRE’s Darla Longo, Barbara Perrier and Eric Cox represented the seller, Newport Beach, Calif.-based real estate investment firm Hager Pacific Properties, in the transaction.
Located at 275 and 375 De Berry Street, the site comprises two vacant industrial buildings and a dirt lot. The site is approved for the construction of a 412,000 square-foot warehouse that could be completed as early as Q3 2024. The property is adjacent to I-215, connecting Colton to the rest of the Inland Empire.
“This project provided the buyer with an incredible opportunity to acquire one of the very few assets that is outside of the warehouse development moratorium in the Inland Empire,” said Ms. Longo. “Our team fielded many competitive offers, given the truly irreplaceable distribution location of this property.”
The Inland Empire industrial market is one of the tightest in the nation, with a vacancy rate of 0.5%.