(Read more on the industrial market.)
FONTANA, CA-Furniture company Hua Jian Investments LLC has acquired a 406,410-sf industrial building at 7351 McGuire Ave. from the San Francisco-based Bristol Group for $95 per sf, or approximately $38.6 million. The buyer, a wood flooring and furniture company, intends to occupy the building as an owner-user.
The building previously had been occupied by the same tenant for 15 years, but the tenant had outgrown the space and relocated to a larger facility. The Bristol Group then spent approximately $1.6 million to fully refurbish the property and was offering the building for lease or sale.
The building is a cross-docked facility with deep truck courts and a large, secured, drive-around yard accommodating parking and storage of up to 156 additional truck trailers. The site is close to the Interstate 15 and Interstate 10 freeways.
The buyer was represented by John L. Morrissey and William Flaherty with MGR Services. The Bristol Group, which represented itself, owns a national real estate portfolio of more than nine million sf of commercial properties with an additional two million sf in the development pipeline.
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