IE Business Daily Business news for the Inland Empire.
An industrial property in Colton has been sold for $61 million.
The 19-acre site was sold to Clarion Partners in Los Angeles and EBS Realty Partners in Newport Beach, according to CBRE.
Hager Pacific Properties in Newport Beach, which CBRE represented, was the seller.
The property at 275 and 375 De Berry Street next to Interstate 215 consists of two industrial buildings and a vacant lot.
A 412,000-square-foot warehouse is planned for the site next and could be completed by the third quarter of this year, according to CBRE.
“This project provided the buyer with an opportunity to acquire one of the few assets that is outside of the warehouse development moratorium in the Inland Empire,” said Darla Longo, CBRE spokeswoman, in a statement. “Our team fielded many offers, given the distribution location of this property.”
