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First Industrial Realty Trust has purchased an industrial property in Southern California from Goodyear Tire & Rubber Company, according to records sourced from Vizzda.
The El Segundo-based REIT bought the 67,315-square-foot property, at 13351 12th Street in Chino, in California’s Inland Empire, for $25 million. That’s equal to about $371 per square foot, well above the market average of $250 per square foot, per CommercialEdge.
Built in 1964, the one-building property sits about one mile south of State Route 60 and two miles east of State Route 71. The site is roughly 35 miles east of Downtown Los Angeles.
Neither First Industrial Realty Trust nor Goodyear could immediately be reached for comment.
The industrial market in the Inland Empire remains one of the strongest in the country, and Chino is no exception. Back in September, real estate investment firm Westcore bought nine industrial properties in Chino from BGO for $462 million, or roughly $315 per square foot.
Meanwhile, in August, Blackstone (BX)’s Link Logistics secured $145 million in construction financing to build a six-property logistics park in the city, dubbed Altitude Business Centre.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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