2021 Bloomington warehouse sells for $83.4 million
An industrial warehouse in Bloomington developed and leased in under two years has sold for $83.4 million, according to the seller, Stream Realty Partners in Newport Beach.
The buyer was Torontobased BentallGreenOak.
The deal closed April 19, a Stream representative said last week. The sales price was provided by Vizzda, a commercial real estate data company.
Stream bought the 8-acre parcel in 2019 and built a 175,000-square-foot warehouse on the site, which was completed in October 2021. Mike Kendall at Colliers International Western Region brokered the sale.
“Alder Commerce Center is a great example of being able to leverage Stream’s fully integrated platform — development, construction management, investment management, and property management — to deliver successful opportunities for our clients and partners,” said Scott Sowanick, managing director for Stream’s Industrial Development Services Western Division.
The Alder Center warehouse includes 21-dock high-loading doors, two drive-in doors, a 180-foot secured truck court and ground-floor and mezzanine office spaces.
Scant vacancy for big-box facilities has pushed the Inland Empire to the No. 1 spot for industrial rent growth, which is up 60% in a year, according to a first-quarter 2022 report by CBRE.
The inventory squeeze with record demand, CBRE said in another report out in April, pushed rents to $1.23 per square foot in the first quarter, a 74.6% increase year over year. “The largest rent gains occurred in the Inland Empire West where taking rents rose 83.6% year over year,” the report stated.
The two-county region has more than 25 million square feet of big-box development underway, CBRE said. One of the largest developments is taking shape in Ontario where Prologis is building a 4 million-squarefoot distribution and automation center for Amazon.
Burlington Stores opens its newest location Friday at the Menifee Countryside Marketplace. The first 100shoppers get $5coupons.
Morongo Casino Resort & Spa is hosting job fairs, the first from noon to 2p.m. Tuesday and from 10a.m. to noon on May 31.
The store is part of a new Countryside Marketplace at 30054 Haun Road.
Hours are 8 a.m. to 11 p.m. Monday through Sunday.
expect same-day offers for positions that include cash operations, count room, entertainment, food and beverage, hospitality, housekeeping, promotions, public safety and surveillance, and the Morongo Travel Center.
Jobs are also available at Marketplace, the casino’s new food hall. Successful chef and cook hires will be eligible for sign-on bonuses up to $1,000 and $150 reimbursements for kitchen tools, Morongo officials said.
For more information, go to morongocasinoresort. com/employmen.t