JLL closes $100.5M sale of Inland Empire industrial building
Bloomington Logistics Center is triple net leased to the e-commerce arm of Pitney Bowes
LOS ANGELES, December 20, 2019 – JLL announced that it has closed the $100.5 million sale of Bloomington Logistics Center, a 677,383-square-foot, fully leased, state-of-the-art, cross-dock warehouse/distribution building in the Inland Empire community of Bloomington, California.
JLL marketed the property on behalf of the seller, Crow Holdings Industrial (CHI), the industrial development division of Dallas-based Crow Holdings. ASB Real Estate Investments purchased the asset on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle.
Completed in 2019, Bloomington Logistics Center features a 36-foot clear height, ESFR sprinklers, 185-foot wide truck court, 3% skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. The building is triple net leased to Newgistics, Inc., the e-commerce arm of Pitney Bowes (NYSE: PBI), and creates cutting edge digital commerce, fulfillment, shipping and returns solutions. Situated on 34.54 acres at 11260 Cedar Avenue, the property has immediate access to Interstates 10, 15 and 60 and proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility, in addition to being within 75 miles of the Ports of Los Angeles and Long Beach. Bloomington Logistics Center is within the prestigious Inland Empire West Industrial submarket, one of the premier submarkets for institution-quality distribution and warehouse space in the country, and has easy access to Southern California’s growing population of more than 25 million residents.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Crow Holdings Industrial (CHI) is a development company specializing in distribution, fulfillment and last mile properties in key logistics markets throughout the United States. CHI and multifamily developer Trammell Crow Residential (TCR) are part of the development platform of Crow Holdings, a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation. For more information, please visit CrowHoldingsIndustrial.com.
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington, D.C., ASB invests in major U.S. urban markets, concentrating in office, multifamily, retail and industrial properties and employs core, value add and development strategies for its clients. For more information about the company, visit asbrealestate.com.
*As of 9/30/19.