The Bendetti Company buys Inland Empire industrial park for $12.3M
JLL Capital Markets arranged the $10.1M acquisition loan for the six-building park in Colton, California
NEWPORT BEACH, Calif., December 2, 2020 – JLL Capital Markets and The Bendetti Company announced today the acquisition of La Crosse Business Park, a six-building, multi-tenant flex industrial park totaling 112,259 square feet in the Inland Empire community of Colton, California. JLL arranged the $10.1 million acquisition financing for the park.
The 85-percent-leased La Crosse Business Park is home to 27 tenants and features clear heights ranging from 14 to 16 feet, large overhead roll-up doors and concrete tilt-up construction. Completed in 1989, the park had been previously owned and operated by the same individual for more than 20 years. The property is situated on 7.5 acres on five contiguous land parcels at 2273-2283 La Crosse Avenue in San Bernardino County adjacent to Interstate 215, which provides connectivity to Southern California’s main thoroughfares and arterials. The BNSF – San Bernardino intermodal yard is 7.5 miles from the park.
The JLL Capital Markets team representing the borrower was led by Managing Director John Chun and Director Peter Thompson.
The park is in the Inland Empire Industrial market, which JLL Research reports in its Inland Empire Industrial Insight - Q3 2020 report set a new record for leasing activity in a single quarter, as demand from the ecommerce sector continued. JLL reports strong fundamentals and with a total vacancy of 4.7%, anticipates that over the next 12 to 18 months the Inland Empire will likely be
contending with a supply shortage as expansion plans among e-commerce focused users take up large blocks of space at an accelerated pace.
“We saw an opportunity to acquire an asset in our backyard that has not been available for decades and are excited to implement a business plan of substantial improvements that will benefit current and future tenant base,” said Aaron Weaver, the CFO of The Bendetti Company. “Even in the midst of a pandemic, leasing activity has been strong not only for this asset but our portfolio as a whole.”
“The Bendetti Company has a strong track record of creating tremendous value for its investors, and their business plan to renovate the property and negotiate longer-term leases with tenants, coupled with the strong fundamentals of the market, was a compelling financing opportunity for many capital providers,” Chun added.
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 sales 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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Bendetti Company
The Bendetti Company continues to seek new industrial acquisitions between and $8 million and $100+ million in any market west of Texas. With a 55-plus year track record and many private and institutional relationships, The Bendetti Company is looking to expand its footprint into existing and new markets. For more information on The Bendetti Company, please visit the firm’s Web page: bendetti.com.