IE Business Daily Business news for the Inland Empire.
Three Class-A industrial buildings in Fontana have been sold for $83.5 million.
Bridge Logistics Properties, a specialist in logistics management and investments, bought the properties from a seller whose name was not released, according to a statement.
The recently constructed buildings are at 14074 Rancho Court (100,039 sf), 14019 Rose Ave. (57,654 sf), and 14928 Washington Drive (175,100 sf).
All three properties are fully occupied and have an average lease of two years.
“Local municipal headwinds, AB 98, and general land scarcity are causing significant barriers to new development,” said Paul Jones, Bridge Logistics’ manage director, in the statement. Once economic conditions stabilize and tenant demand normalizes, we believe we will see value appreciation for these assets.”
AB 98, which will go into effect Jan. 1, will make it more difficult to build warehouse-distribution centers near residential neighborhoods or other heavily populated areas.
Bridge Logistics has five U.S. offices, including one in Los Angeles. The transaction expands Bridge Logistics’ portfolio to 16.3 million square feet according to the statement.
