The industrial market remains hot in the Inland Empire, with a number of recent transactions to show for it. In one deal, Los Angeles-based Ares Management acquired a 205,589 square foot warehouse in Perris for $59.275 million, or approximately $288 per square foot, according to Carol Taubman of Westgate Industrial Properties, who brokered the deal on behalf of the seller. The property was sold by an entity affiliated with Eran Bitton, the CEO of Ring of Fire, a clothing manufacturer in Van Nuys.
Avison Young Principal Cody Lerner represented Ares Management in the transaction.
“Timing is everything, which was the case for this transaction,” said Lerner. “Given the uncertainty in the market, the seller chose to dispose of the asset at a strategic time prior to the end of the year. Our client recognized the attractive quality and strategic location of this asset and was able to move swiftly. This aligned investment timing allowed for a beneficial situation for both parties.”
Located at 100 Walnut Ave. on more than nine acres, the property was built in 2022 by developer Dedeaux Properties. The property is situated just off Interstate 215 near various other industrial users, including Wayfair, Lowe’s and Ross.
The property last traded only several months prior in August. At that time Dedeaux Properties sold the building to Bitton for $41 million.
The new owner of the property, Ares Management, was founded in 1997 and maintains more than 30 offices across the globe. Currently, the company has approximately $341 billion worth of assets under management, according to its website.
The company has, for a long time, invested in Southern California’s industrial market. In one deal that closed in October, the company acquired an 8.38-acre industrial parcel with three industrial properties in Fullerton, according to previous reporting from The Registry. The properties are located at 801 S. Acacia Ave., 811 S. Acacia Ave. and 1580 Kimberly Ave. and total 155,000 square feet.
In another deal that closed earlier this year, Ares Management paid $313 million for a 94.17-are parcel of land located at 12343-12455 Arrow Route in Rancho Cucamonga. The property was sold by Commercial Metals Company.
