Investors Paying Top Dollar To Purchase Already Leased Fontana Warehouses & Manufacturing Space

Three investment groups from outside San Bernardino County recently acquired warehouses in Fontana.
Rexford Industrial Reality, Incorporated, a Los Angeles-based industrial property owner and developer, purchased the 279,000-square-foot warehouse located at 13201 Dahlia Street in Fontana currently occupied by Eaton, a manufacturing company, for $70.1 million. Rexford agreed to pay $251 per square foot for the building.
According to JLL’s Mark Detmer, who led a sales and advisory team that marketed the property and counted among its members Patrick Nally, Evan Moran, Mike McCrary, Jeff Bellitti, Ruben Goodsell and Hunter McDonald, the property fetched the $70.1 million because it was fully leased and featured a “strategic location in one of the nation’s most competitive industrial markets together with unique functionality.
Toronto, Ontario-based BentallGreenOak paid Panattoni Development $240 million from developer – $348 per square foot – for a 691,000-square-foot building that was already being leased by Campbell Soups.
BentallGreenOak, an institutional investor, was interested in the newly constructed and fully leased warehouse in Fontana, which features 40-foot minimum clear heights, 92 dock-high loading doors, 46 mechanical dock levelers and a 225-kilowatt solar rooftop solar array, because, those involved in the sale said, the “building offers the advantage of being in a prime location in the west Inland Empire submarket adjacent to major transportation hubs.”
Previously, in August, Cabot Properties purchased from Transwestern Development Company the 236,129-square-foot Almeria Logistics Center in Fontana for $76.8 million, or $325 per square foot. The two-year-old Class A logistics center was fully leased through 2027 to LC Logistics Services at the time of the sale. The warehouse includes 2,000-amp power outlets and a uniform 36-foot height clearance.
Michael Kendall of Colliers Industrial Brokerage marketed the property in conjunction with Gian Bruno, Kenny Patricia and Kylie Jones, Thomas Taylor, Steve Bellitti, Joey Jones and Scott Sanders.