JUNE 13, 2019|LAURI BREEZE & JESSICA ANDERSON
Exeter Property Group, a large real estate investment manager, purchased the San Bernardino Logistics Center at 6227 Cajon Blvd. in San Bernardino, California, for $97.75 million, or about $121 per square foot, from Waterstone Properties Group Inc.
Waterstone acquired the asset in October 2016 from TIAAA-CREF Investment Management LLC for almost $68.54 million, or $85 per square foot, according to CoStar data. TIAA purchased the property in August 2015 for $55.14 million, or about $68 per square foot, from Hillwood Development Company.
See CoStar COMPS #3725496 and #3365325.
The 806,322-square-foot industrial distribution building was constructed in 2015 on 41.1 acres in the North San Bernardino Business Park, within Southern California’s Inland Empire. It features auto and trailer parking, an ESFR sprinkler system, a small office build out, 137 loading docks and three drive-ins, 36-foot clear heights, eight-inch floors, skylights, up to 60-foot column spacing and 4,000-amp heavy power.
The building was fully occupied at the latest sale by a single tenant, Bob’s Discount Furniture.
Scott Schwartz of Insignia PMG teamed up with Mark Detmer, Bo Mills and Ryan Sitov of Jones Lang LaSalle in Los Angeles in representing the seller. Schwartz also represented Waterstone in its 2016 acquisition of the building, and then represented them as landlord in the Bob’s Furniture lease, which commenced in March 2017, according to CoStar records.
Please see CoStar COMPS #4733415 for more information on this latest sales transaction.CoStar News – Waterstone Sells Fully Leased San Bernardino Logistics Center