Bloomington, Calif. – Frank Geraci, Executive Vice President, Juan Gutierrez, Vice President, Chase Macleod, Vice President and Adam Geiger, Associate, of Voit Real Estate Services’ Inland Empire office successfully directed the $3.5 million sale of a 9.45 acre industrially-zoned parcel of land in Bloomington on behalf of on behalf of The Jewish National Fund, and Seller’s representative McDonald Property Group. The Voit team also represented the buyer, Howard Industrial Partners, who intends to develop +/- 185,000 square feet of the property as a Class A industrial building, according to Juan Gutierrez.
“The Inland Empire has seen tremendous rental growth in buildings between 100,000 – 250,000 square feet over the past 12 months,” Gutierrez stated. “Demand from users continues to outpace our existing supply and we expect this trend will continue as there is a lack of available land for future development.”
“The newly developed industrial building is scheduled for completion and will available for lease by Q4 of 2017. This will be the first building built in Bloomington since 2013 and due to Bloomington’s low vacancy rate of 4.09%, we expect that this will be well received by the market,” commented Gutierrez.
The property is located at the northeast corner of Cedar Avenue and Orange Street in Bloomington.
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker-owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 40+ year history, the firm has developed, managed and acquired more than 64 million square feet and completed more than $44.8 billion in brokerage transactions encompassing more than 43,000 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.