SAN BERNARDINO, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that a partnership between Behringer Harvard and CT Realty Investors have sold the Interchange Business Center. The industrial development within the Inland Empire industrial market consists of three buildings and provides 667,024 square feet of industrial space situated on a 34-acre site.
The buyer is one of the largest privately held real estate advisors in the US. Carter Ewing, executive vice president for CT Realty Investors, tells GlobeSt.com that the purchase price for the three-building property was $40.4 million. Both the buyer and the seller were represented by Peter McWilliams, Michael McCrary, Ruben Goodsell and Nicole Page with Jones Lang LaSalle's Ontario office.
The 41-acre Interchange Business Center is located on Cajon Boulevard at University Parkway and Interstate 215 in San Bernardino.
Behringer Harvard acquired Interchange Business Center in November 2010 through its third joint venture with CT Realty Investors, a real estate investment and development firm based in Aliso Viejo, CA. At that time, Interchange Business Center comprised four buildings totaling more than 800,000 square feet of warehouse and distribution space. One of these buildings, comprising 134,909 square feet, was sold separately in October 2012.
“The success of the partnership with Behringer Harvard on the Interchange project far exceeded our initial goals,” explains Watty Watson, CEO of CT Realty Investors. “The attractive returns we have achieved on Interchange and other transactions with Behringer Harvard support our investment commitment to the Inland Empire, and we continue to seek additional strategic opportunities in this marketplace.”
Michael O'Hanlon, president and CEO of Behringer Harvard Opportunity REIT II Inc. adds that “The disposition of Interchange Business Center represents the successful conclusion of Behringer Harvard's investment program in the Inland Empire. We're pleased that these strategic investments have provided attractive returns for our REIT's shareholders.”
CT Realty Advisors has been busy lately, and is also looking to other markets. As GlobeSt.com just previously reported, along with Xebec Realty Partners, the JV acquired 530 acres in the South Dallas Intermodal Hub. The Orange County investors' plan is for a development that will hold close to 9 million square feet of big box, high clear distribution and e-commerce logistics buildings ranging in size from 500,000 square feet to 1.5 million square feet each.
Watson said that the firm considered that deal a strategic expansion of its industrial logistics strategy “which we implemented aggressively after the downturn in 2008 in Southern California. “The dynamics of the greater Dallas marketplace mirror the activity we have encountered over the last three years in the Inland Empire and other large distribution markets in Southern California, and we are delighted to partner with Xebec Realty Partners in this exciting new venture.”
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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.
