MIRA LOMA, CA — (Marketwire) — 10/20/10 — Irvine-based Pacific Newport Properties Inc. announces that it has sold Mira Loma Distribution Center in Mira Loma to an undisclosed institutional buyer for $85,250,000, marking Southern California’s largest industrial sale year-to-date.
The 1,607,000-square-foot Class A warehouse and distribution facility is situated on 83 acres and represents the final phase of the original 131 acres developed by Pacific Newport Properties, one of the first developers to recognize the potential of the I-15 Corridor south of the 60 freeway for this type of product.
“This sale is significant to us in that it validates the potential we envisioned in this area of the Inland Empire region and reflects our ability to create and manage quality facilities that have become key employment centers for the surrounding community,” said William R. “Bill” Patton, president and founder of Pacific Newport Properties, Inc. “Our company has a long history in Southern California, and this sale will allow us to expand our ongoing development and acquisition strategies.”
Mira Loma Distribution Center is Southern California’s largest industrial sale so far this year, surpassing the next largest transaction of $42 million involving the Federated Department Stores building in Los Angeles.
“This sale shows the demand by institutional investors for quality, well-positioned commercial real estate in the Southern California area,” said Kent Hindes, director with Cushman & Wakefield. “This project is ideally located in one of the nation’s largest warehouse and distribution hubs, and has healthy occupancy with a strong roster of credit tenants. Its close proximity to the I-15, I-10 and 60 freeways is a key attractor for distribution companies.”
“This land has been in the family for generations,” Patton said. “The DeBerard family was among the first farming families in the region, establishing peach and grape orchards in 1902. As it became more difficult for the area to support farming, the family turned to Pacific Newport Properties. The early years were spent on rezoning and infrastructure planning, ultimately leading to the development of one of the area’s most significant industrial projects.”
Mira Loma Distribution Center comprises three warehouse distribution buildings located at 12510 Micro Dr., 12455 Harvest Dr., and 4650 Hamner Ave., fronting the Interstate 15 Freeway just south of the Pomona 60 Freeway at the Cantu-Galleano Ranch Road interchange. A 755,100-square-foot facility on 32 acres was developed as the first phase of Mira Loma Distribution Center in 1999 by Pacific Newport Properties for a Wal-Mart Distribution Center.
In late 2000, Pacific Newport developed an 802,645-square-foot distribution center on 37 acres for Ingram Micro, which continues to occupy the leased facility located at 12510 Micro Dr. Other tenants in the Mira Loma complex have included Ferguson Enterprises, which continues to occupy a 565,598-square-foot facility on 28 acres of the project, and Smuckers which originally occupied 239,121 square feet on 13 acres at 4560 Hamner Ave.
Going forward, Pacific Newport Properties will continue managing the center for the new owner. “We look forward to continuing our relationships with the Mira Loma Distribution Center tenants and the new owner,” said Jon Patton, vice president of Pacific Newport Properties.
In the transaction, Pacific Newport Properties was represented by Cushman & Wakefield’s Kent Hindes, director with the company’s Ontario office, along with Jeff Chiate and Jeff Cole, executive directors with the company’s Irvine office. The buyer represented itself.