Annual industrial rent growth topping 10 percent and continued tenant demand have spurred the $33.3 million sale of Redlands Business Center in Southern California’s Inland Empire-East submarket. Clarion Partners purchased the asset on behalf of a commingled fund.

JLL Managing Directors Bo Mills and Mark Detmer represented the seller, Bixby Land Company, in the transaction.

“The Inland Empire has such strong, broad tenant demand,” said Mills. “This keeps landlords in a fortunate position where – even as one lease is expiring – they can pull from a pipeline of users who are looking for best-in-class space and are willing to commit to increasingly longer-term deals.”

In 2015, the submarket achieved 20.1 million square feet of net industrial space absorption and year-over-year industrial rent growth of more than 10 percent. Active tenant requirements continue outpace new construction by as much as 10 million square feet, making the Inland Empire a national leader in tenant demand.

“Big box projects in the Inland Empire offer the same logistics benefits as LA and Orange counties, but at a comparatively lower cost,” said Detmer. “These factors alone have helped Redlands Business Center maintain a historical occupancy of 94 percent and continue to reassure owners with a very positive investment outlook.”

Located at 2220 Almond Avenue, Redlands Business Center totals 411,879 square feet, with 2,982 square feet of one-story office space. Project amenities include 30’ clear height, a 201’ secured truck court, ESFR sprinklers and offers ample automobile and trailer parking. The property has been institutionally owned and managed since its inception. It offers immediate access to the I-10, I-210 and I-215 Freeways, Ontario Airport and the nation’s busiest port system.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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