Nuveen purchases 237,000 square feet of manufacturing space from Inland Empire for $ 60 million – Commercial Observer
Another warehouse tenant capitalized on his property in the country’s hottest market for manufacturing and distribution space.
Nuveen Real Estate paid nearly $ 60 million for a fully occupied industrial property under a leaseback agreement with the tenant, Myers Food Products, in the Inland Empire of southern California. The company manufactures custom-designed power distribution equipment and has signed a new five-year triple net lease, according to DAUM Commercial Real Estate Services, who negotiated the deal.
Files filed in late July show that Nuveen paid $ 59.55 million for the 236,700 square foot property at 2950 Philadelphia Street East in the city of Ontario, California, in the county of San Bernardino. It is near Ontario International Airport in the heart of a large industrial area.
“The tenant has invested a significant amount of capital in the property over the past 12 years of ownership and occupancy. , integration and testing ”, DAUM’s Chris Migliori noted.
E-commerce has the notoriety has flourished since the pandemic struck, causing direct industrial vacancy rates in the interior empire to tighten to about 2 percent in the second quarter of this year. Market demand has exceeded supply as any new construction is quickly let.
Meanwhile, Nuveen has been active across the country with different types of assets, ranging from a new esport studio in LA. To life science projects At New York.
Gregory Cornfield can be reached at [email protected].