Stream Realty is cashing in on the hot industrial market in the Inland Empire.
The Dallas-based firm sold a newly built, 175,000-square-foot warehouse in Bloomington for $83.4 million, according to property records filed with San Bernardino County. Stream Realty announced the deal on Thursday, but did not disclose the price.
The sale came out to around $476 per square foot — almost four times the average sale price for industrial properties across the U.S. in March, according to CommercialEdge.
BentallGreenOak — a subsidiary of Toronto-based insurance firm Sun Life — bought the property at 10380 Alder Avenue on behalf of an unnamed institutional investor.
Stream bought about nine acres of land for the site in 2019 and finished construction last year. Dubbed the Alder Commerce Center, the property features 32-inch heights, 21 dock doors, two drive-in doors and a 180-foot truck court.
The property has already been leased, according to Stream Realty, though it did not disclose the tenant.
Online maps from March of this year show AC Pro, a heating and air conditioning distributor based in Fontana, have put up signs on the building. AC Pro did not respond to a request for comment.
BentallGreenOak has purchased a number of industrial properties over the last couple of years, particularly pre-leased, new assets. In February of last year, the asset manager bought a 100,000-square-foot warehouse in Brooklyn, New York for $46 million — about $460 per square foot. That warehouse is fully leased to Amazon.
Rising industrial rents in the Inland Empire — and across the country — can justify high sales prices.
Average monthly asking rents for industrial properties across San Bernardino and Riverside counties were $1.03 per square foot in the first quarter of this year, about 40 percent higher than the same period in 2021, according to Newmark.