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News release

REDLANDS, CA

Demand Drives Inland Empire-East Industrial Market Deal

JLL closes $33.3 million sale of Redlands Business Center


REDLANDS, Calif., Jan. 21, 2016 – 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.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
 
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
 
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 33 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC, as well as a presence in Mexico. With $38.2 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.