Exeter Property acquires California distribution center
Exeter Property Group has bought an 806,322 square foot Class A distribution center in the Inland Empire. The group has paid $97.8 million for the asset. Bob’s Discount Furniture is the only tenant of the asset.
The asset was built in 2015. It is located at 6227 Cajon Blvd. in San Bernardio, California. According to a news in CP Executive, Nuveen Real Estate bought the asset from Hillwood in 2015, then sold it to Waterstone Retail for $68.5 million the following year. In the most recent deal, JLL Capital Markets’ Bo Mills, Mark Detmer and Ryan Sitov acted on behalf of the seller, alongside Scott Schwartz of Insignia PMG.
The distribution and fulfillment property sits on about 41 acres within San Bernardino County’s booming industrial market, east of Los Angeles. The facility has immediate access to interstates 15, 215 and State Road 210, with proximity to BNSF Intermodal Yard, FedEx Ground Rialto, the UPS regional air hub and Ontario International Airport.
Mark Detmer said: “This listing represented the opportunity for an investor to acquire a building with a long term lease to a strong tenant in the largest industrial market in the world. The buyer was attracted to the stability of the property, tenant’s commitment to the area and potential for future development growth.”
Fulya Altunyay/[email protected]