IE Business Daily Business news for the Inland Empire.
The industrial market on the west end of the Inland Empire is red hot, at least on the price side of the ledger.
Colliers International has negotiated the sale of a 161,555-square-foot warehouse-distribution center in Rancho Cucamonga, according to a statement.
The property, at 9449 Eighth St., sold for $14.7 million to a Chinese couple who operate a furniture importing business, said Mark Zorn, senior vice president with Colliers.
That price works out to $91 a square foot, which is believed to be a record for an industrial property on the west end, which is generally defined as Ontario, Rancho Cucamonga and Corona, Zorn said.
A combination of high demand and not a lot of available industrial space on the west end is driving up prices a rate that could reach $100 a square foot by early next year, Zorn said.
“I wouldn’t be surprised if prices got that high,” said Zorn, who represented the seller in the transaction. “Prices on the west end have been going up for awhile, since about 2011, and it looks like they will keep going up.”
Some industrial properties on the west end are priced 10 to 15 percent higher now than they were one year ago, Zorn said.
The seller’s name was not released, and Zorn was not able to provide more information about the buyers, other than they are moving their business from Los Angeles County to Rancho Cucamonga and will employ about 50 people at the Eighth Street facility.
