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Rentv.com Article: First Industrial Realty Adds to Its Inland Empire Portfolio with 171K SF Purchase
|First Industrial Realty Adds to Its Inland Empire Portfolio with 171K SF Purchase|
|First Industrial Realty Trust Inc has purchased First Sycamore Springs, a newly constructed, 171.6k sf building in Riverside, for $14.8 mil ($86/sf). The building, which is located at 6150 Sycamore Canyon Blvd, is fully occupied by Big 5 Corp and will serve to support their existing distribution center, also located in the Sycamore Canyon Business Park.
Mario Calvillo and Finn Comer of Lee & Associates Riverside represented the buyer and the seller, DB/KK Sycamore Canyon LLC. In January, Calvillo and Comer, representing the landlord KB Development, negotiated a 65-month pre-lease with Big 5 Corp.
“This is a Class A, newly developed project, great long-term corporate tenant, situated within the City of Riverside’s thriving business park of Sycamore Canyon,” said Calvillo. “The project was not marketed for sale, but First Industrial’s desire and commitment to expand its footprint within the Inland Empire Region, resulted in a perfect acquisition opportunity.”
US Bank was the lender, Fullmer Construction was contractor and HPA Inc was the architect.
“Through this acquisition, we have further expanded our investment in our largest market of Southern California,” said Ryan McClean, senior regional director for First Industrial. “This leased property is a suitable complement to the properties we are developing in the Inland Empire market, a vital part of our nation’s supply chain.”
06/23/2015 - 09:00