M
iramar Capital has acquired a 332,700-square-foot industrial campus in the Inland Empire for $86 million. The three-building Serrano Industrial Park, located at 4350, 4388 and 4420 Serrano Drive in Jurupa Valley, was purchased by the Sawtelle-based investor from PreZero, a locally based recycling firm. This deal translates to $258 per square foot.
The property, which spans 17.7 acres, features three Class A manufacturing buildings within five miles of Ontario International Airport and half a mile from the 60 Freeway. Each building includes up to 4,000 square feet of office space, with tenants such as PreZero and Titan Sliding Door Repair.
Despite broader challenges in the Inland Empire industrial market, demand remains for facilities that can support manufacturing tenants requiring heavy power, according to Joe Cesta of CBRE, who represented the seller along with Darla Longo and Erik Wanland. The recent sale is part of a larger trend in the Inland Empire industrial market, which has been heating up.
In related news, Norway's Norges Bank Investment Management spent $1.07 billion on a 45% stake in a 48-building industrial portfolio across the US, mostly in Southern California and the Inland Empire. Additionally, Proficiency Capital acquired two industrial parks in the region for an undisclosed price, while Maryland-based Realterm purchased a portfolio of 13 tenant truck terminals from Brookfield for $277 million.
Miramar Capital, founded by Paul Fuhrman and Jae Yi in 2017, has $2.7 billion in assets under management, including 40 properties across various asset classes in the US.
