IE Business Daily Business news for the Inland Empire.
A 130,600-square-foot warehouse-distribution center in Rialto has been sold.
The property, at 360 S. Lilac Ave., sold for $11.4 million, according to buyer Westcore Properties, a global commercial real estate firm.
The seller was Legacy Ranch Inc. The transaction was announced Tuesday.
Westcore plans to spend about $1.5 million upgrading the building, including painting, landscaping, new lights and dock doors and a remodel of the building’s office.
Voit Real Estate Services represented the seller in the transaction. Westcore represented itself.
“The Inland Empire has one of the most dynamic industrial markets in the country,” said Hack Adams, Westcore’s senior vice president, in the statement. “Rialto offers a particularly advantageous location. [It’s] surrounded by four major thoroughfares, including Interstate 10 and Interstate 15, and [has] access to an immediate labor pool.”
Rialto’s industrial vacancy rate in the second quarter was just under four percent, according to Voit.
