BLOOMINGTON, CA-GlobeSt.com has exclusively learned that Pacific Industrial LLC has closed on the $34-million purchase of the YRC Bloomington Truck Terminal, a rare, contiguous 51.42-acre truck terminal located at 18298 Slover Ave. in Bloomington, CA. The seller, Realterm NAT, an affiliate of Realterm Global, was represented by CBRE.
“This represented a great opportunity for us to acquire a highly cash flowing asset with future development potential in a very tight land market,” says Dan Floriani, co-founder of Pacific Industrial, in a prepared statement. The property was purchased in an all cash manner.
Pacific Industrial plans to entitle the site for a 700,000-square-foot, class A, cross-dock facility to accommodate potential future development. Given its expansive land size, the site could accommodate a one million square foot, class-A, industrial campus in the future, says Floriani.
The CBRE team representing the seller was led by Michael Caprile, vice chairman; Darla Longo, vice chairman; Barbara Emmons, vice chairman; and Rebecca Perlmutter, director. Emmons tells GlobeSt.com that “The Inland Empire has rebounded significantly with a total vacancy rate of 6.3% and over 9 million square feet of net absorption year-to-date. There is also significant new construction with approximately 8.8 million square feet being built.”
According to Emmons, there are only three buildings available in the Inland Empire West over 500,000 square feet and there are approximately 17 requirements evaluating the Inland Empire marketplace, which is helping drive tenant demand here. “Additionally it is becoming increasing difficult to find large sites in the Inland Empire West that can be developed.”
Situated adjacent to the 10 Freeway and the UP rail lines in the Inland Empire West submarket, the YRC Bloomington Truck Terminal consists of two highly functional truck terminals totaling 325 loading doors, and a 32,630-square-foot shop building leased to YRC through 2019 with annual rent increases. It was purchased at a 9.3 cap with a rent bump scheduled for Jan 1, 2013.
Emmons adds that “We saw incredible interest in this particular asset due to its premier truck terminals and long-term income stream from a Fortune 500 tenant like YRC.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
