A 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鈥檚 Inland Empire, which provides convenient access to transportation, consumers and labour.
Gardner Ellner, senior director of commercial acquisitions for CBRE Global Investors, said: 鈥淐alifornia鈥檚 Inland Empire is a strong US industrial market where we expect to see more consumer demand for shorter delivery times.
鈥漌ith its state-of-the-art features, we expect that Gateway South Building 5 is well-equipped to meet those demands.鈥�
Kim Hourihan, a portfolio manager for CBRE Global Investors, said: 鈥淎s the Inland Empire submarket鈥檚 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.鈥�
Details of the CBRE GI fund and the vendor were undisclosed.
