MORENO VALLEY, CA-Clarion Partners of New York City has acquired a 756,340-square-foot industrial property at 16850 Heacock St. in the Inland Empire that is leased to Lowe's Cos. through September 2020. Clarion bought the property for $46.6 million deal that was brokered by vice chairman Darla Longo and executive vice president Barbara Emmons of CBRE.

Richard Pink, managing director at Clarion Partners, commented on the deal in an announcement: “This opportunity provides Clarion Partners access to not only a class A property in a highly desirable market, but also a nine-year lease guaranteed by an investment-grade, multi-national retailer with over $48 billion in annual sales.”

Pink noted that the property is in the Inland Empire East industrial market, which has enjoyed substantial demand from users and investors, especially for properties larger than 500,000 square feet.