An industrial property in the Inland Empire could soon see a new owner. The site, encompassing approximately 11.19 acres, features a total building area of about 81,455 square feet. It is currently on the market with an asking price of $28 million, or about $344 per square foot, according to a marketing brochure from CBRE, which has the listing. CBRE’s Wes Jones and Serena Wedlich are the brokers for the property. Public property records show that the current owner is Lippert Components, Inc., a global manufacturing firm based in Indiana.
Located at 168 S. Spruce Ave., the property consists of three primary buildings. The main building spans approximately 61,620 square feet, with an additional 3,660 square feet dedicated to office space, according to the brochure. A separate paint booth building offers 3,915 square feet of specialized space. The production building, at 15,920 square feet, provides area for manufacturing operations. Among the property’s features are clear heights ranging from 16 to 24 feet, 20 grade-level doors, a fully fenced and secured perimeter, M2 General Manufacturing zoning.
Rialto is located in the geographic center of the Inland Empire, Southern California’s import distribution hub and one of the most important warehousing regions in the United States. In a Spring 2024 report published by the Rose Institute of State and Local Government at Claremont Mckenna College, approximately “40% of the nation’s goods in 2022 travelled through the Inland Empire at some point during transit from domestic manufacture or foreign import to final destination.” To meet this demand the Inland Empire has seen the development of approximately 30 million square feet in new large and mid-scale e-commerce distribution warehouses since 2021. Despite the increase in inventory, the region’s vacancy rate of 1.4 percent is one of the lowest rates nationally.
The city has seen industrial sales transactions completed in recent months.
Earlier this year, Dedeaux Properties and joint venture partner Basis Investment Group acquired for $12.8 million, the fee-simple interest in the land under Rialto Village, a recently completed 83,272 square foot high velocity warehouse building. In February 2023, the Dedeaux-led joint venture entered into an initial ground-lease development with the seller Newmark Merrill, to construct the industrial facility on a 3.87-acre parcel located at 1505 S. Willow Avenue, with an option to buy out the ground lease. Located within the Gateway Specific zoning designation, Rialto Village is surrounded by retail and mixed-use establishments.
