As one of the tightest industrial markets in the nation, the Inland Empire continues to see industrial property trade hands. In one recent deal that closed on Oct. 31, Silica Investments LLC, an entity linked to Russell Coleman, acquired a 306,366 square foot industrial property for $16.25 million, and was acquired with a $9.14 million loan from Bank Five Nine. The seller in the transaction was Top Property Group, an entity linked to Frank and Hilda Zeng, according to public records.
The property is located at 17300 Silica Dr. in Victorville. The industrial building was built in 1988 and sits on more than 40 acres.
The property is currently occupied by Air Products & Chemicals Inc., a supplier of gasses and chemicals for industrial use.
Surrounding the property are a number of other industrial properties as well, including Goodyear Tire & Rubber, The Nutro Company and Americold Logistics. The property is also a short drive from Interstate 15 and Victor Valley College.
Throughout the Inland Empire, demand for industrial property has remained steady, with the third quarter of the year showing dropping vacancy rates of 0.6 percent, according to a third quarter market report from JLL. According to that report, asking rates have also climbed 19.7 percent quarter-over-quarter to $1.58 per square foot.
In the last several months, the Inland Empire has seen a significant amount of lease and sales activity. For instance, in late October, San Francisco-based investment company Stockbridge purchased a 5.02-acre industrial site in Montclair for $20 million. The property is located at 5551 State St. in Montclair and is home to a 2,565 square foot office space and a 17,500 square foot warehouse building, according to previous reporting from The Registry. In August, DCG Fulfillment also signed a 189,280 square foot industrial lease at 13481 Valley Boulevard in Fontana.
