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Bridge Development pays $191M for Big Lots warehouse
The deal for the 1.4M sf warehouse was the biggest non-portfolio sale in Inland Empire, according to JLL
Bridge Development Partners acquired a sprawling distribution center from retailer Big Lots, setting a record for the biggest non-portfolio industrial deal in Inland Empire.
The developer paid $191 million for the 1.43-million-square foot property in Rancho Cucamonga, and secured a $200 million bridge loan.
Big Lots, which sold the complex at 12434 Fourth St. under its property arm West Coast Liquidators, plans to vacate in the spring for a location in Apple Valley, about 50 miles away.
As part of the deal, Chicago-based Bridge Development, headed by Steve Poulos, also bought a nearby 23,240-square-foot retail building from Big Lots. Representatives for Bridge Development and Big Lots weren’t immediately available for comment.
JLL’s Mark Detmer and Bo Mills brokered the sale, and their colleague Brian Torp brokered a $200 million, three-year, floating-rate bridge loan. Bridge Development will lease the property until it is ready to move into the Apple Valley center.
The sale comes amid L.A.’s continued strong industrial market. In a recent report, CBRE noted in a third-quarter report that the Inland Empire’s industrial properties were seeing strong demand, rising rents, steady development activity and high tenant retention. In August, ASB Real Estate Investments paid $124 million for the 1 million-square-foot Columbia Business Park distribution facility in Riverside.