Liberty Property Trust Buys $52M Inland Empire Industrial Building
- Sep 04, 2018
Liberty Property Trust just bolstered its Southern California presence by 426,300 square feet with the acquisition of I-210 Logistics IV, a newly constructed industrial property in Rialto. The REIT purchased Logistics IV for $52 million and, in short order, secured engineering and logistics company CTDI as the facility’s sole tenant.
“We closed on the building and leased it in full in just a week,” Erin Plourde, vice president, acquisitions with Liberty Property Trust, said in a prepared statement.
Located on approximately 8.5 acres at 1543 N. Alder St., in San Bernardino County, roughly 50 miles east of Los Angeles, Logistics IV had reached shell completion when Liberty purchased the LEED-qualified property. CTDI’s lease commenced in August.
Liberty’s purchase of Logistics IV increases the REIT’s footprint within Rialto’s Renaissance Specific Plan, a multi-use master-planned area, to four buildings. And there’s further expansion on the horizon in Rialto, as the REIT will soon kick off construction of the 401,100-square-foot I-10 Valley Logistics Center nearby.
Shining a light on the Golden State
Liberty, however, isn’t just keen on Rialto; the company owns assets totaling more than 4.3 million square feet across Southern California’s thriving industrial market.
“Liberty is focused on expanding our presence in the largest industrial market in the country,” Plourde told Commercial Property Executive. “Continual positive real estate fundamentals—low vacancy and significant rent growth—are being driven by, among other reasons, access to the ports and demand for goods in the region. It’s an exciting time to be in this market and our goal is to continue to grow in Southern California.”
Image courtesy Liberty Property Trust