IE Business Daily Business news for the Inland Empire.
An 820,000-square-foot warehouse-distribution facility in Fontana has been sold for $197 million.
EQT Exeter, a global firm that develops, leases and manages industrial properties, bought the Commerce Way Distribution Center from Manulife Investment Management, according to a statement.
JLL helped arrange the sale of the 44-year-old project, which is at at 13423-13473 Santa Ana Ave. The sale price works out to $240 per square foot.
EQT Exeter is the real estate division of EQT, the company it merged with 2006. EQT Exeter has more than 50 offices in 20 countries and portfolio worth more than $30 billion, according to the company’s website.
The Inland Empire’s industrial vacancy rate was 5.9 percent at the end of 2023, according JLL.
