Alere Property Group, a leading developer and investor in Southern California industrial real estate, today announced the acquisition of Saddle Ranch Business Park, a 422,000-square-foot Class A industrial warehouse complex in Norco, California. Fully leased to the vitamin and nutrition company Goli Nutrition.
From Southern California-based developer CapRock Partners. The terms of the sale transaction are not disclosed.
Aaliyah Michael, Senior Vice President of Investment, Aaliyah Property Group, said: “The demand for modern industrial space in the Norco / Corona submarket is underpinned by easy access to Orange County. Recently, along the I-15 highway and near major logistics interchanges. The completed property complements Aria’s approach and is an excellent addition to our portfolio of high-quality industrial assets. “
The Saddle Ranch Business Park consists of four state-of-the-art buildings measuring approximately 81,000 square feet to 158,000 square feet and 30 to 32 feet high. The concrete tilt-up construction features high and grade level loads on the dock, ESFR sprinklers, ample power, heavy truck courts, and 5.6% office space.
Saddle Ranch Business Park is located on 3300-3390 Horseless Carryage Drive, within 1 mile from the I-15 Freeway and close to the SR-91, I-215, SR-60 and I-10 Freeways. The location of the property within the Inland Empire West Submarket is desirable for tenants who require efficient access to Los Angeles and Orange County, San Gabriel Valley, and the Mid County area. The site is close to the SR-91 / I-15 interchange, close to the North Orange County market and the cities of the Western Inland Empire of Ontario, Eastvale, Chino Hills, Chino, Corona and Riverside.
The cities of Norco and Corona together make up a major distribution infill market with limited remaining developable land. Good access to railroads and airports such as Ontario International Airport and Los Angeles International Airport. According to CBRE, rising rents in Orange County are pushing demand for industrial warehouses to Norco / Corona as a low-cost alternative market. The submarket also offers multiple facilities and has strong corporate neighbors.
Goli Nutrition uses the Saddle Ranch Business Park for its headquarters and product manufacturing and distribution. Tenants have invested a large amount of capital to customize the building for product manufacturing and have set up luxury cafeterias and commercial kitchens.
“The Norco / Corona submarket continues to be filled with strong economic activity, and the Saddle Ranch Business Park is an excellent facility to support a variety of uses,” added Carmichael. “While the remarkable growth of e-commerce is supporting most of the demand for new warehouse space in the Inland Empire, Southern California-based manufacturing companies are doing well and need modern industrial facilities to grow their businesses. Aria is committed to supporting the industrial space needs of these manufacturers. “
CBRE represented Alere and CapRock, which was led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. The next team from Lee and Associates also consulted on the deal: Paul Earnhart, Jeff Ruscigno, Brian Pharris, Ryan Earnhart.
Aria owns more than 20 million square feet of industrial space in the west and eastern submarkets of the Inland Empire and is currently developing five basic industrial projects in Southern California that exceed one million square feet. is. The company targets core and value-added investment opportunities throughout Southern California, in addition to large-scale zero-to-one development opportunities ranging from 25,000 to over 1 million square feet. Aaliyah recently announced that two major ground development projects totaling approximately 626,000 square feet are underway in Chino, California.
About ALERE PROPERTY GROUP
Founded in 2003, the Arere Property Group is one of the largest and most established industrial real estate owners in Southern California, with more than 30 million square feet of high-quality industrial space worth about $ 6.3 billion. We have a strong portfolio. Based in Newport Beach, the company is an efficient, vertically integrated business with capabilities that span all investment and development functions. With a focus on long-term value creation, Alere is a critical location to meet the complex needs of the world’s most sophisticated e-commerce, distribution and manufacturing companies, with refinement that exceeds expectations of design, functionality and efficiency. We are building a modern industrial facility. For more information, please visit alerellc.com. Follow the company on LinkedIn.
ALERE PROPERTY GROUP has acquired Marquee Industrial Assets in Norco, California.
https://www.dcvelocity.com/articles/52689-alere-property-group-acquires-marquee-industrial-asset-in-norco-calif ALERE PROPERTY GROUP has acquired Marquee Industrial Assets in Norco, California.