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Goodyear Tire has cashed in and completed a sale-leaseback on a 829,000-square-foot distribution facility in the Inland Empire, adding another big figure to the industrial sales volume building in Southern California.
An entity tied to CIRE Equity acquired the 40-acre property in the Inland Empire for $67.5 million and leased it back to the tire company, according to data provided by Vizzda. Umpqua Bank provided a $40.5 million loan for the deal.
The building at 17477 Nisqualli Road in Victorville was completed in 2000.
Although sales of industrial real estate have dropped significantly in the U.S. the past 12 months, Southern California continues to produce a high volume of deals. The Inland Empire recorded $1.9 billion in industrial sales as of May 31, according to a recent report from Commercial Edge. That’s probably because the Inland Empire also maintained the largest rent gains in the nation at 17 percent year-over-year.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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