Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired two Class A industrial buildings at 7580 and 7630 Cherry Avenue in Fontana. The buildings are currently occupied but will be available for lease in mid-April 2021 and early June 2021, respectively.
Completed in 2008, each of the buildings features a 30-foot clear height, 18 dock high doors, two drive-in doors and an ESFR sprinkler system. 7580 Cherry Avenue offers 84,364 total square feet and 7630 Cherry Avenue offers 119,087 total square feet. There is a central, 179-foot concrete truck court and the two buildings are divisible to accommodate four tenants.
“These buildings offer a unique opportunity for manufacturing, warehousing and distribution customers alike to lease Class A logistics space in an area where available inventory is limited,” said Matt Mexia, Partner in Southern California for Dermody Properties. “The Inland Empire West remains one of the strongest and most active industrial markets in the country with very low vacancy. We continue to aggressively pursue industrial acquisition and development opportunities in the region.”
The properties are located less than two miles east of Interstate-15, just south of State Route 210 and north of Interstate-10. Corporate neighbors include Mercedes-Benz, Target, Cardtronics, LG and FedEx.
Cushman & Wakefield’s Industrial Advisory Group West presented this opportunity to Dermody Properties. Phil Lombardo, Andrew Starnes and Cruise Adams of Cushman & Wakefield will be the leasing agents for the properties.
“Dermody Properties has been active in Southern California and the Inland Empire for several years,” said Timothy Walsh, Partner and Chief Investment Officer at Dermody Properties. “We will continue to look for acquisition and development opportunities in this area that provide strategic and targeted solutions for our customers.”