IE Business Daily Business news for the Inland Empire.
A 43,000-square-foot truck terminal in Rialto has been sold for $83 million in an off-market transaction.
The project, at 2650 S. Willow Ave, was purchased recently by Bridge Logistics Properties, a real estate management company, according to statement.
The seller, TFI International Inc., is a transport and logistics company based in Saint-Laurent, Quebec, a borough of Montreal.
TFI, the building’s only occupant, has agreed to lease the property for one year, said Paul Jones, managing director of Bridge Logistics’ western division.
“When they leave – they’re going to be part of a consolidation – we will have to find another tenant, but that shouldn’t be a problem,” Jones said. “It’s a very good property and we plan to keep it.”
The Willow Avenue terminal covers 14.3 acres. It includes a maintenance facility with a truck wash and nearly seven acres for trailer parking.
Bridge Logistics is a subsidiary of Bridge Investment Group, which has offices throughout the United States. During the past seven months, Bridge Logistics has completed nearly $800 million in industrial-logistics transactions, according to the statement.
