Miramar Buys Inland Empire Manufacturing Campus for $86M

Miramar Capital has bought a 332,700-square-foot industrial campus in the Inland Empire for $86 million.

The Sawtelle-based investor purchased the three-building Serrano Industrial Park at 4350, 4388 and 4420 Serrano Drive, in Jurupa Valley, the Commercial Observer reported. The seller was PreZero, a locally based recycling firm.

The deal works out to $258 per square foot.

PreZero picked up the 17.7-acre property in 2019 for $56.2 million, or $169 per square foot.

Brokers Joe Cesta, Darla Longo and Erik Wanland of CBRE represented the seller in the recent sale.

The industrial park contains three Class A manufacturing buildings within 5 miles of Ontario International Airport and a half mile from the 60 Freeway, according to a brochure. Each building contains up to 4,000 square feet of offices.

Tenants include 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,” Cesta of CBRE said in a statement.

The Inland Empire industrial market has been heating up, according to the Observer.

Norway’s Norges Bank Investment Management announced it spent $1.07 billion for a 45 percent stake in a 48-building industrial portfolio across the U.S., mostly in Southern California and the Inland Empire.

In early December, Proficiency Capital bought two industrial parks in the Inland Empire for an undisclosed price.

Maryland-based Realterm also bought a portfolio of 13 tenant truck terminals, which included properties in the Inland Empire, from Brookfield for $277 million.

Miramar Capital, founded in 2017 by Paul Fuhrman and Jae Yi, has $2.7 billion in assets under management, including 40 industrial, multifamily, office and other properties across the U.S. according to its website.

— Dana Bartholomew