SAN BERNARDINO, CA. – February 13, 2020 – A fund sponsored by CBRE Global Investors has acquired a fully leased distribution facility located at 945 South Sunnyside Avenue in San Bernardino, California. The industrial property spans 143,327 square feet and is within California’s Inland Empire, which provides convenient access to transportation, consumers and labor. The last-mile facility is leased to FedEx.
The facility, known as Gateway South Building 5, features a state-of-the art design, including 32-foot clear heights, 48 x 60-foot column spacing, LED lighting and ESFR sprinkler system.
“California’s Inland Empire is a strong U.S. industrial market where we expect to see more consumer demand for shorter delivery times. With its state-of-the-art features, we expect that Gateway South Building 5 is well-equipped to meet those demands,” said Gardner Ellner, Senior Director of Commercial Acquisitions for CBRE Global Investors.
Kim Hourihan, a portfolio manager for CBRE Global Investors, continued, “As the Inland Empire submarket’s availability rate continues to tighten, we expect that we will also see an increase in demand for this type of high-end, coveted last-mile logistics space.”
Gateway South Building 5 features convenient access to I-10, connecting it to the main traffic arteries in the metro area. The property is also is within 20 minutes of two international airports, the Ontario International Airport and the San Bernardino International Airport, with the latter located just two miles from the site.
Darla Longo, Barbara Perrier, Rebecca Perlmutter and Brett Hartzell of CBRE represented the seller in the transaction.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.