SAN BERNARDINO, Calif – June 1, 2015 – As Southern California industrial properties continue to be a strong investment prospect in 2015, Westcore Properties purchased a 211,405-square-foot, Class-A warehouse and distribution building from International Building Group Jack Langston for $16.1 million.
Built in 2008, the warehouse is located at 1050 East Orange Show Road in San Bernardino and is in close proximity to major transit routes, including the I-215 and I-10 interstates. The property features two existing office pods, ample power, a fully secured truck yard, 38 dock-high doors, and building designs including 32-foot clear height, a 7-inch concrete slab, ESFR sprinklers and 50-feet by 56-feet column spacing. The building is 100 percent leased to one tenant, Grant & Bowman.
Established in 1967, Grant & Bowman is a toy distribution company that focuses on trading branded consumer products internationally.
“We are very pleased to add this Class-A industrial asset to our growing California industrial portfolio,” said Hack Adams, senior vice president of acquisitions and leasing at Westcore Properties. “With continued strong tenant demand, escalating land prices and measurable year-over-year rent growth, we quickly recognized the embedded long-term value with this asset.”
In this transaction, Westcore Properties was represented by Frank Geraci and Juan Gutierrez with Voit Commercial Real Estate. Jack Langston represented itself.
Westcore Properties currently owns approximately 500,000 square feet of commercial space within the Inland Empire with an additional 300,000 square feet under contract. It is expecting to rapidly grow its presence within this dynamic region.