A CBRE Global Investors fund has bought a fully leased 143,327sqft last-mile logistics asset in California.
CBRE GI said the Gateway South Building 5 distribution facility at 945 South Sunnyside Avenue in San Bernardino was acquired for an undisclosed sum.
The industrial property, leased to FedEx, is situated within California’s Inland Empire, which provides convenient access to transportation, consumers and labour.
Gardner Ellner, senior director of commercial acquisitions for CBRE Global Investors, said: “California’s Inland Empire is a strong US industrial market where we expect to see more consumer demand for shorter delivery times.
”With its state-of-the-art features, we expect that Gateway South Building 5 is well-equipped to meet those demands.”
Kim Hourihan, a portfolio manager for CBRE Global Investors, said: “As the Inland Empire submarket’s availability rate continues to tighten, we expect that we will also see an increase in demand for this type of high-end, coveted last-mile logistics space.”
Details of the CBRE GI fund and the vendor were undisclosed.