Newly Completed Five-Building Development by Davis Partners Sold for Nearly $30 Million
ONTARIO, Calif., July 25, 2019 – Cushman & Wakefield announced today that Mira Loma Industrial Center South, a 172,898-square-foot (sf) industrial business park in Riverside County’s Jurupa Valley, has sold for nearly $30 million.
Part of the master-planned 269,195-sf development by Davis Partners, Mira Loma Industrial Center South consists of five freestanding buildings on De Forest Circle and Nobel Court: Building 7 (31,093 sf), Building 8 (30,684 sf), Building 9 (39,722 sf), Building 10 (33,773 sf), and Building 11 (37,626 sf). The property was completed in June 2019 and is the only new construction completion in the Jurupa Valley/Eastvale area this year, according to Cushman & Wakefield Research.
Milo Lipson, Tal Siglar, Ryan Velasquez, and Andrew Starnes from Cushman & Wakefield’s Ontario office served as exclusive advisors and represented Davis Partners in the transactions.
“The market is very strong for a development of this size and all five buildings were in escrow before construction was completed,” said Managing Director Tal Siglar, CCIM. “While most developers are concentrating on developing larger buildings, Davis Partners is filling a void that exists within Jurupa Valley, which currently has a 2.9% overall vacancy rate. This demand is further demonstrated by a 2.1% vacancy rate for buildings in the size range of 25,000 to 49,999 square feet in the Inland Empire West market.”
Mira Loma Industrial Center South offers a business park environment with private secured yards, 28’ to 30’ minimum clear heights, 800 amps of 277/480 volt power, and ESFR fire sprinkler systems. It is ideally situated in the Inland Empire with immediate access to the 60 Freeway and Interstate-15.
Cushman & Wakefield is also marketing Mira Loma Industrial Center North for sale, which consists of 11 industrial condo units from ±6,094 to ±27,007 sf.
For more information, visit www.miralomaindustrialcenter.com
About Davis Partners
Davis Partners, established in 1972, is a real estate operator specializing in the development, acquisition and management of institutional quality industrial and office properties. Since 1972, either for their own account or acting as a contract developer for institutional clients, Davis Partners has developed forty-one (41) projects with an aggregate square footage in excess of 7 million square feet and more than 500 acres throughout Southern California. Davis Partners continues to provide property and asset management, construction management and marketing services on over 16,500,000 SF throughout California and Washington.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.