IE Business Daily Business news for the Inland Empire.
A Newport Beach company has bought a warehouse-distribution operation in San Bernardino.
Alere Property Group purchased the 592,710-square-foot facility for $34.4 million, according to Colliers International Ontario, which represented Alere Property in the transaction.
The name of the seller, a private investment group, was not disclosed.
Kevin McKenna, senior vice president with Colliers Ontario, has been named exclusive leasing broker for the property at 701 S. Arrowhead Ave., according to a statement.
He will be joined by Walt Arrington, a senior vice president, and Jeff Linden, an associate, with CBRE Group Inc. Ontario.
Demand for buildings in the range of a half million square feet has gone up during the economic recovery, particularly among e-commerce companies and retailers who are experience massive growth in online retailing.
“While this is a perfect location for any distribution operation, it’s especially ideal for e-commerce companies that require high-volume, high-speed logistics support,” McKenna said in the statement. “It has the … capacity to receive, store and ship products from Point A to Point B and into the hands of consumers very, very quickly.”
Amazon.com, Home Depot, Kohls, Mattel, FedEx, Smuckers and Hewlett-Packard are among the companies that operate logistics operations along the same corridor as the South Arrowhead building, according to the statement.
