December 20, 2019 – JLL announced that it has closed the $100.5 million sale of Bloomington Logistics Center, a 677,383-square-foot, fully leased, state-of-the-art, cross-dock warehouse/distribution building in the Inland Empire community of Bloomington, California.
JLL marketed the property on behalf of the seller, Crow Holdings Industrial (CHI), the industrial development division of Dallas-based Crow Holdings. ASB Real Estate Investments purchased the asset on behalf of its Allegiance Real Estate Fund, a $7.5 billion core vehicle.
Completed in 2019, Bloomington Logistics Center features a 36-foot clear height, ESFR sprinklers, 185-foot wide truck court, 3% skylights, LED lighting, 4,000-amp electrical service, ample parking spaces, low office finish, 118 dock-high doors and four grade-level doors. The building is triple net leased to Newgistics, Inc., the e-commerce arm of Pitney Bowes (NYSE: PBI), and creates cutting edge digital commerce, fulfillment, shipping and returns solutions. Situated on 34.54 acres at 11260 Cedar Avenue, the property has immediate access to Interstates 10, 15 and 60 and proximity to both the Ontario International Airport and the BNSF Intermodal Container Facility, in addition to being within 75 miles of the Ports of Los Angeles and Long Beach. Bloomington Logistics Center is within the prestigious Inland Empire West Industrial submarket, one of the premier submarkets for institution-quality distribution and warehouse space in the country, and has easy access to Southern California’s growing population of more than 25 million residents.
The JLL Capital Markets team representing the seller was led by Executive Managing Directors Mark Detmer and Bo Mills and Senior Vice President Ryan Sitov.