ONTARIO, CA-GlobeSt.com has exclusively learned that AEW Capital Management LP has closed on an acquisition of a property from CVS pharmacy. The 344,872-square-foot industrial building at 1060 S. Wineville Ave. in Ontario, was previously occupied by CVS pharmacy for a distribution center.
CVS Caremark represented themselves, while Jones Lang LaSalle represented the buyer. According to an industry source, CVS sold the property because they opened a new distribution center next to their La Habra facility.
The vacant property is located in Crossroads Business Park in Ontario. AEW acquired the property on behalf of the AEW Core Property Trust, an open-end real estate fund.
The JLL Los Angeles team representing the buyer in the transaction, who have already begun marketing the building for lease include: Jordan Quinn, Peter McWilliams, and Mike McCrary.
“This was a great fit for AEW, who is an active investor in the Inland Empire market and is interested in high-quality industrial buildings that are well-located,” Quinn says. “The Inland Empire's west submarket is extremely tight with very few quality buildings of this size available for acquisition or lease. In the first three quarters of 2013, 46.9% of the 3.5 million square feet of new inventory has been absorbed.”
According to a recent Inland Empire industrial report from JLL, “Modern product, competitive rental rates, entitled land for development, access to a population center, an affordable labor force, a diverse tenant mix, an inland port, adjacency to a vacancy tight Los Angeles County and reasonable proximity to the nation's busiest port system remain key selling points. Additionally, small and mid-sized distributors are getting back into the leasing market, which is increasing occupancy in inventory under 300,000 square feet. Owner-user sales are also up thanks to available SBA financing. However, the report did say that “Large tenant requirements are flat compared to this time last year.”
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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.
