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Centerpoint Properties Acquires Industrial Property In Inland Empire For $15.25M

Property Image
SOLD
$15,250,000
David Bales
Remington "Remy" Moses

California

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Industrial92,000 SF
Sold 09/16/2021
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Property Image
SOLD

Centerpoint Properties Acquires Industrial Property In Inland Empire For $15.25M

535 East Tennis Court Lane, San Bernardino, CA, USA

See Similar Deals
Industrial92,000 SF
Sold 09/16/2021
David Bales
Remington "Remy" Moses
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$165
Total Square Footage:92,000 SF
Transaction Type:Sale

The industrial property located at 535 E. Tennis Court Lane in the Inland Empire was recently sold in a closed transaction. The property spans 92,000 square feet and is situated in a prime location.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $15,250,000
  • Square Footage: 92,000
  • Price per Square Foot: $165
  • Market: Inland Empire
  • Buyer: Centerpoint Properties
  • Seller: Partner's Capital Inc. - Mark Blumenthal & Robhana Group
  • Buyer's Representatives: Remy Moses & David Bales

The sale was facilitated by Remy Moses and David Bales, who represented the buyer, Centerpoint Properties. The seller, Partner's Capital Inc., in collaboration with Robhana Group, acquired the property in 2017 through an off-market 1031 exchange. This transaction played a significant role in expanding Partner's Capital Inc.'s portfolio in the industrial property sector. According to Remy Moses, this property was a standout choice for industrial building investors.

Players

Remington "Remy" Moses
Remington Moses
7 deals$83.7M volume
BROKER
David Bales
Lee & Associates
David Bales
6 deals$45.2M volume
BROKER
CenterPoint Properties
CenterPoint Properties
BUYER
RG
Robhana Group
SELLER

Details

SOLD
IMAGE: Remy Moses, Mark Blumenthal & David Bales DATE: 09/16/2021 ADDRESS: 535 E. Tennis Court Lane MARKET: Inland Empire ASSET TYPE: Industrial BUYER: Centerpoint Properties SELLER: Partner’s Capital Inc. - Mark Blumenthal (@IShowMyPics) & Robhana Group BUYER’S REP: Remy Moses (@RemingtonMoses) & David Bales SALE PRICE: $15,250,000 SF: 92,000 ~ PPSF: $165 NOTE: Spearheaded by Partner's Capital Inc., in conjunction with Robhana Group, the Property was originally acquired in 2017 as part of a 1031 exchange in an off-market transaction. While Partner's Capital Inc. now has a lengthy track-record of investing & unlocking value within Industrial Properties, this asset represented the third-ever industrial investment of PCI. Remy Moses famous quote, "If you're into buying industrial buildings, you buy this property" provided the final push for Partner's Capital & Robhana to close the transaction in 2017.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$54,180.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$72,292.78
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