Bridge Investment buys Rialto trucking terminal for $12 million per acre
Bridge Investment Group bought a trucking terminal in the Inland Empire for $83 million.
The Salt Lake City-based investment firm purchased the 7-acre site in Rialto through its Bridge Logistics Properties unit, according to an announcement earlier this week.
Bridge did not disclose the price of the deal, but public property records filed with San Bernardino County show the company paid about $12 million per acre — one of the highest prices per acre. that the Inland Empire saw for an industrial property.
UPS’s freight company sold the trucking terminal at 2650 South Willow Avenue, which it also occupies. It is unclear whether the company will lease the space and continue to occupy the property.
The trucking terminal comprises a 41,000 square foot terminal with 76 dock doors and 6.7 acres of yard space for trailer parking, as well as a truck wash.
“Truck terminal inventory is heavily constrained by duty headwinds and as a result inventory is limited,” Paul Jones, managing director of Bridge Logistics Properties, said in a statement.
When the ports of Los Angeles and Long Beach both experienced traffic congestion last year, trucking companies began looking for space to store cargo on land – trucking terminals with lay-by. Investors quickly capitalized on the space as industrial rents soared, which “creates a backdrop for further appreciation in value,” Jones added.
The terminal is located minutes from I-10 and I-215, making it attractive for freight transportation.
Other investors are looking to build warehouses in the town of Rialto. Earlier this month, USAA Real Estate and McDonald Property Group announced they would build a 1.8 million square foot warehouse for a contract manufacturer that makes shoes and apparel for Skechers, Puma and others. brands.