Three industrial warehouses were recently acquired in Colton, about an hour away from Los Angeles. The properties, which offer commercial leases, are adjacent and span more than 740,000 square feet. A real estate investment firm ended up buying the properties, which a large real estate investment trust owned.
One of the three properties quickly ended up being leased to the company Mattress Firm. Meanwhile, the other properties were recently in lease negotiations. Multiple competitive bids on the properties were received from top-quality prospective tenants. The reason these properties have been in such high demand is that they are prime rental spaces. In fact, rental prices in the region in which these buildings are located have increased more than 7 percent during the past year.
The warehouses feature loading that is dock high, sprinkler systems and office space that is state of the art. In addition, the minimum clear heights at the properties range from a convenient 32 feet to 36 feet. The city of Colton is particularly desirable because it offers lower utility rates compared with surrounding areas. On top of that, the properties' area is close to State Route 60, Interstate 10 and Interstate 215, thus offering easy access to other parts of the region.
Purchasing properties that feature commercial leases can be exciting due to the revenue-generating potential that comes with such properties. However, completing a commercial real estate deal can also be tricky and often overwhelming. Fortunately, a savvy Los Angeles attorney can provide the direction needed to complete a commercial real estate deal confidently and successfully.
Source: inlandempire.us, "743,000 Square-foot Industrial Sale in Colton California", March 26, 2018