INLAND EMPIRE, CA, November 15, 2018 – Cushman & Wakefield (NYSE: CWK) announced today the sale of 9050 Hermosa Ave., a 468,682-square-foot (sf) industrial warehouse in Rancho Cucamonga, California.
Deutsche Wealth Services acquired the property for $68.95 million or $147.11 per sf from TH Real Estate, an affiliate of Nuveen (the investment arm of TIAA), in the highest price per sf sale for big box properties in the Inland Empire so far this year. Jeffrey Cole, Jeff Chiate, Mike Adey, and Ed Hernandez from Cushman & Wakefield’s Capital Markets Group brokered the transaction, with Cushman & Wakefield’s Chuck Belden and Phil Lombardo and Mike McCrary and Peter McWilliams from JLL serving as market advisors.
“This offering presented an unrivalled opportunity to invest in the Inland Empire West, the top industrial submarket in the nation,” said Vice Chair Jeffrey Cole. “9050 Hermosa offers an exceptional core location near the intersection of Interstates 10 and 15, and just 5 minutes north of the Ontario International Airport.”
Jeff Chiate, Executive Managing Director and head of the West region for Cushman & Wakefield’s National Industrial Advisory Group, said, “The market’s activity accounted for 21% of the total large transaction volume in the nation. With record low vacancy of 2.1%, asking rents have risen 16% in the past twelve months and 23% since year-end 2016. This property will benefit from the explosive long-term growth of eCommerce and its impact on the Inland Empire market with eCommerce sales projected to surpass $700 billion by 2022.”
Built in 2004, 9050 Hermosa Ave is a freestanding Class A industrial building on 20.17 acres of land in the heart of the Inland Empire West. It features cross-dock loading, fully-secured concrete truck courts, gate-controlled drive-around access, ESFR sprinkler system, 104 dock-high and 4 ground-level loading doors, and heavy power. The property is 100% leased to Ingram Micro, a Fortune 500 company.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.